Mobile Home Park Valuation

[Ryan Pettit]

Looking for help in determining the value of a MHP I’m looking at in Texas.

21 lots - 13 are rented @ $330/month

6 park owned homes - 2 are currently rented for $500/mo

Park has a lot of upside potential and is on city water and sewer. Tenants pay their own electric. Landlord responsible for water bill. 

I know there are a variety of ways to value this property given its current rent roll and possibility of filling the park and making much more money. 

Can someone point me in the right right direction on valuation? Ive seen lots rented x monthly rent x 70 and also a cap rate valuation using NOI.

Thanks!