Valuating a MHP with owner financing

[Larry Scarborough]

Looking at offering on an inherited park with potential owner carry-back- details include:

*Lot rent only, no property owner mobiles

*Current NOI of $650/month (8 mobiles)

*All utilities covered by tenants including city sewer and water (separate taps)

*Additional 8 sites empty; according to regulations, can have up to 40 spaces. Land is cleared.

They are looking at cash at around $150k, but will potentially take more with no down. I can run cap rates for purchase at current lot rents, but not sure how to value with 100% owner fi. Any help appreciated