Mobile home park- small - how to value it?

[Andrew Barrett]

Help! I want to give mobile home parks a try. I already buy land and set up new mh to sell.. but trying to get into this.

Off market-

8 lots 

0.25 acres each. 

6 lots have 1980s mh on them (3 bed)
1 lot is rented (camper)

1 vacant lot —-

All 8 have pads, septic, water meters, and electric meters in place 
sewer at the street… (small industrial/commercial area)

$600 per mh but they are shot. 

Not sure how to value you it. A random agent told the guy $200k all day 3 years ago but my numbers show $165k max max… 

(I am also a mh dealer in the area so I could do brand new homes for $60k-70k each- set up/delivered) 🤔  could even owner finance the existing homes for $5k down and $15k loan - 18% interest… 5 year term (300 lot rent and around 350 payment so their “payment” each month wouldn’t be much higher than their rents …then maybe I could turn the park over in 5 years when those terms end (or as pple leave..etc)

I own a few rentals but 6x600x12 doesn’t sound bad with a 200k investment but 🤷‍♂️…