Pricing small mobile home parks
Any rules of thumb on pricing small rural parks?
Rents from landlord are 250-550 per month with him owning 7 houses and 2.5 acres land.
How would I arrive at a reasonable price? Average is about 2800/month in rent but I'm not sure how to estimate expenses on old mobile homes. 50% rule gives 1400/month.. 16,800 per year. 10 cap would price it at 168k.
Asking price is 175k. Seems close?