@Kitt Pyle There is so much to learn in the MHP world that it can be overwhelming... If you're looking to be in the MHP world long term it would be wise to invest into some foundational training/learning. I personally like Frank Wolfe's course at MHP University. Aside from that it would be best to partner with a broker who specializes in the field (as you mentioned).
As far as analyzing MHPs- the similarity with apartments is that you are ultimately looking at your income and expenses and what your return will be. The difference really comes down to knowing the why and market rate for each number. Here are a couple of pointers and things to look out for (Note: this is very incomplete):
Income: Ensure actual income is used and not future rent rates (unless notices have been sent). If the owner has plans on raising rents next year, its not actually earned income today. Specific income from any park owned homes is not capitalized, this should be factored in as more of a bonus.
Expenses: Vacancy factor is included- even if there is a 100% occupied park and a waitlist. Know what the market rate is for for each expense, each line item should evoke a thought.
For example, I just analyzed a park that had an actual expense of $8,400 for septic repairs/maintenance. At first glance I can look at this and automatically know this is high. A comparable park I analyzed last week has a similar well/septic combo had an actual septic expense of $1,200 (this is low).
Knowing that it costs around $1,200 to pump a small tank, my thought was that this individual park possibly had a tank down.. and when one goes out it can be a domino effect. On the other hand they could have just serviced their tanks in prep for the sale.
Overall I would say 1.) Invest in learning 2.) Become familiar with the costs and income in your area. Income: what are the going rents, price per space, cap rate etc. Costs: taxes, insurance, water, garbage, electric, maintenance, manager salary, workers comp, office, legal, reserve for pumping etc. 3.) Run the numbers with different scenarios/what you would feel comfortable with (what would the return be if you raised the rent? Had to replace a septic tank? higher vacancy than listed etc.) If the numbers work out then go for it!
Hope this helps!