Valuation for Vacation Rental Business, beyond value of homes?

[Doug Wallace]

Hello, I have been an investor in short term rentals for 7 years, but this is my first post.  My wife and I have 5 vacation rental homes that I market on VRBO, and my wife and I manage exclusively.  We have a great team of cleaners, handyman, and contractors, and the business has become quite profitable with fairly low time commitment on our part.  Is there a value for this business beyond the value of the individual properties, and if so, how would that value be calculated?  To clarify, we only manage properties we own.

If, for example using hypothetical numbers, the homes are worth $2m, but we consistently make $100k annually profit, is the value of the business just $2m, or is there some additional amount added?  I have seen companies in other areas valued based on multiples of annual profit, and other methods, but I wasn't sure if this applied to vacation rental business?  We are not looking to sell the company currently, but just looking ahead to exit strategies and also looking for a number for personal net worth calculations.

Thank you for your time.