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You don’t need perfect financials to price a mobile home park, you need the right questions and a clean way to do the math while you’re on the phone. We walk through a practical, real-world approach to mobile home park underwriting that starts with what every owner knows: lot rent, occupied pads, vacancy, and whether the tenants own the homes. From there, we show how to translate rough answers into a monthly income estimate you can use to make a serious offer without getting stuck waiting for a tax person or a missing rent roll.

Then we dig into two pricing lenses investors argue about all the time: the 2% rule and cap rate valuation. We explain why a conservative rule of thumb can protect you on smaller parks, and how to switch to NOI and a 10 cap framework as lot count and deal size grow. You’ll hear how to estimate net operating income by assuming 50% expenses when the numbers are messy, why NOI ignores debt service, and how different cap rates (like 6 to 8 caps versus a 10 cap buy) can change value and built-in equity fast.

Utilities can make or break your downside risk, so we also cover due diligence priorities like city water, city sewer, septic systems, and why a private well can be a hard no. Finally, we connect the underwriting to the value-add plan: infill lots, boosting occupancy, increasing NOI, and using a refinance to access cash while keeping long-term cash flow. If you’re analyzing mobile home parks or even RV parks, this is a clear playbook for thinking like a buyer. Subscribe, share this with a friend hunting for their first park, and leave a review with your biggest underwriting question.

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