Mobile Home Park Talk

Today I talk about how to correctly value a park that has all resident-owned homes in it, yet the homes themselves are in very rough shape. Do we base the value solely on the income and expenses and apply a cap rate? Or do we need to take into account the shape and age of the homes as part of the valuation? And if we do, how do account for that properly.  I think this is a topic that needs to be discussed more often. Give it a listen and let me know what you think! tysondcross.com linkedin.com/tycross81