How would you price this park?
I'll have the option to buy the following park:
$300/month lot rent (All resident owned homes)
35 lots
city water/septic sewer
within 5 miles of a Walmart (tenants pay their rent there).
Located in a county of approx. 40K people
The previous owner dealt in all cash, there was no records at all. The current owner (a person who owns several parks that I am working with to turn this park around), paid all cash & plans to renovate/build up records over the next 6-8 months, then it'll be ready for bank financing.
How would you value the above park? What do you think would be a fair price/good deal?