Hey Nathan,If there is no track record of previous income, then the Lender will typically use market rents from comparables to determine the Net Operating Income.

I found a mobile home park for sale near where I live, listed on the market, that I'm interested in determining the current and potential value of.

The real determinants are your cash flow and appetite for risk.

But if you're asking how is the value attributable to any land component of a given property acquisition determined, any reasonable method will suffice (e.g., allocating the land value based upon local property tax valuation ratios might be acceptable).

If you don't know who they are first ask the bus driver what school the bus is coming from or hire someone to meet them at the bus stop to determine where they live.  

Exciting to see your hard work and determination come to fruition. 

What will determine this project is if you have lots of reserves.

Hello Mike,In order to determine if your home town is the right place to invest, I would recommend first defining your investment goals and criteria.

@Troy DeLong The grand total loan will be determined based on a couple different formulas -- the Lender will take the lesser of the two figures. 1. 75% of the ARV ($200K x .75) = $150KOR2. 80% of the Purchase Price + Rehab Cost ($146K + 40K x .80) = $148KIn this example, the grand total loan amount allotted would be $148K (lesser of the two).The Lender would set aside your rehab budget in a 3rd party Escrow account, amounting to around $30K.

Working with a strong lender/realtor team who can determine whether a property is appropriate for a VA loan, and then convince the listing agent of your qualifications, and that the loan will close smoothly and on time, is about all you can do.