MHP Deal analysis 48 pads

[Adam R.]

Trying to strike my 1st MHP deal.  Looking for feedback on the latest one I'm pursuing.

48 pads & a 4 Unit multifamily- No vacancy

38 park owned homes- 24 are 1980's or earlier, 14 are 1990's or later( 5 are 2016)

Lots are small, homes are small mostly around 14 X 60

Public Water and Sewer paid by Park

Avg. Lot Rent = $340(at or above market)

Avg. Park Home Rent(above lot rent) = $680

I'm calculating Lots 40% expense ratio and 13 CAP(per broker) to get to $837K

Then only allocating $10K per home 1990's or later to get to $140K

Then $120K for 4 unit

$1.1M total.

Asking is $1.9M