The rough way to get your starting point on value is to multiply 23 (occupied pads) * $200 (lot rent) * 12 (months) * (1 - 0.3 (rough expense ratio for park w city water/sewage)) / .085 (cap rate)  = 454K.

Another useful alternative metric to consider for multifam properties is GRM (gross rent multiplier). 

If you are looking to flip it, i still cannot tell if there are multipliers (like rent being too low, or improvements you can make to raise value, ...) that would make this a good investment.

This is the best, most common indicator of value.2) Income approach: The income the property will generate yearly multiplied by a formula for what things sell for in your area.3) What it would cost to build it and what the value of the land is.

,I've done a number of owner financed deals in the past - they can be a pretty nice way to multiply your profits over the long term.

If you don't care about the property letting the tenant do maintenance might work out, but if it's a nice property the odds are really high against this working out well.If you've heard the horror stories about the crazy things DIYers and homeowners do when it comes to working on their own houses, just multiply that by 10 for what a renter will do.

My firm, Brown Harris Stevens, has a deep national and international sphere with thousands of affiliates- let me know if you'd like me to connect you to our partners in Washington State.I studied Hotel & Restaurant Management in college- I recommend taking the total # of keys (rooms) in the hotel, multiply by 365, which leads you to the maximum number of stays per year, and find out the average cost per night, and the average rack rate (highest price someone is willing to pay) for the hotel.

I've always heard it called GRM (gross rent multiplier) and I've seen it done 2 ways, like Chris price/monthly rent or, if you ever see significantly lower numbers, then price/annual rent.

I would pay attention to enrollment numbers, employment rate outside the university (is there a hospital system, research facilities, law school, STEM/computer programs, technical schools, or anything else to draw people in during a downturn), and the vacancy rate in the area.Colleges have been flooded with an avalanche of cheap student loan money over the last 10-15 years and many have overbuilt their own student housing (dorms) as well as seen a lot of large apartment complexes built in town for student rentals.

So your math was almost right, just need to multiply by 100 to get %.