NOI calculations when analyzing a small park

[Gregory Schwartz]

Im analyzing my first MHP and the seller didnt include property management as an expense when calculating his NOI. Even if it will be self managed do should I still include management cost as part of the operating expenses? From what I can tell he is over valuing the property based on a unrealistically low operating expense. Keep in mind this is a small park (12 trailers).

As this process continues along I'm sure I will have more questions so I thank you in advance for your patience.