MHP Deal Evaluation Help. 7 CAP for MHPs?
Looking at a deal in northern FL, bigger city.
NOI 98k
Lots 42
POH 13 (1 vacant) ($450-650)
TOH 25 ($300-325) [at market]
Individually metered
Asking is $1.4M.
Recent comps are at 7 CAP but that seems like it's overpriced. It's a 3 Star Park, 55+ community.
I’m looking at more of a $1.29M figure. Is that too much?
I would be utilizing bank financing so with debt service of $75k annually, is it worth the $10-15k at the end of the year$