Trying to Learn How to Value RV / Mobile Home Parks

[Noah Ehler]

Howdy! Anyone have any advice on how I can accurately value RV Parks and Mobile Home Parks? If anyone has a breakdown of a project they have done or an underwriting template that would be great. Trying to break into the space. Thanks!

[Matthew Paul]

RV park is a hands on business (Campers coming and going all the time )  A mobile home park has residents . Big difference between the 2 

[Samuel Coronado]

This is for MHPs- I can send you my appraisal from the last one I bought Oct 2023. The bank used a comparable sales model. I personally use the income approach. NOI x GRM with enough room to debt service AS IS without expansion, infill, etc. Too many sellers are asking for prices based on the park being at market rent for 100% occupancy. I underwrite it in its current AS IS condition with current rents. Not what they'd like it to be or what the market rent is.