Individual spaces for sale in (condo style) mobile home park. How to value?

[Dan M.]

Hello everyone,

Mobile home is for sale in a park which includes the small amount of land under it. Looks like all the spaces in the park are designed like this. I think the concept is called a condo conversion of a mobile home park.

Each space still needs to pay a $100 HOA for maintaining roads and amenities.

Question: How would you value this space/pad? Would you base it on what a comparable park would charge for the same space minus the current $100 HOA?

What do you think is the best use for these types of properties? Package the land and mobile together into a single loan for resale? Sell the mobile and charge lot rent? Sell lot and mobile together but as separate loans?

Thanks for the help.