How you value a park is the lot rent ( I'm not sure what it is there ) lets just say 250 x9 (occupied lots) =2,250 a month x 12 = 27k annual gross income* estimated 50% expense ratio ( smaller parks run higher numbers and you can get a better grasp using your actual numbers) leaving about 13,500 in net income.  

You should analyze it fully, determine your own ARV, estimate repair values, and figure out the value of the deal based on your own analysis, or that of your own agent.

Scott The Book on Flipping Houses, The Book on Estimating ReHab Costs http://www.biggerpockets.com/flippingbookConsider checking out HUD homes for small multi's owner occupied gets first crack.

Scott The Book on Flipping Houses, The Book on Estimating ReHab Costs http://www.biggerpockets.com/flippingbookConsider checking out HUD homes for small multi's owner occupied gets first crack.

A year is a crazy estimate of time, and while maybe 1% take that long,mot is not the norm.

Scott The Book on Flipping Houses, The Book on Estimating ReHab Costs http://www.biggerpockets.com/flippingbookConsider checking out HUD homes for small multi's owner occupied gets first crack.

I’m worried what if the hard money lender appraises the property and thinks it won’t ARV for what I’ve estimated or he rejects the comps I’ve submitted him and won’t fund?

Tenants use about 30% more water and do not generally report leaks.Take 60% of gross rents for a D area with higher evictions and make readies and collection efforts with increased bookkeeping.75,600 X .40 ( 60% costs) = 29,240 NOI29,240 at a 10 cap is a value at 292,400 ( This is optimistic as D areas trade for 12 caps usually).175,000 purchase plus  estimate likely 13k to 14k a unit rehab so about 196,000.

Scott The Book on Flipping Houses, The Book on Estimating ReHab Costs http://www.biggerpockets.com/flippingbookConsider checking out HUD homes for small multi's owner occupied gets first crack.

Scott The Book on Flipping Houses, The Book on Estimating ReHab Costs http://www.biggerpockets.com/flippingbookConsider checking out HUD homes for small multi's owner occupied gets first crack.