Like most marketplace the Seller usually wants too much and the purchaser wants to pay too little to get mobile home softball park. Certain buyers may have different motivations for purchasing certain park (1031 money, ability obtain better financing, conversions to other uses, and location to where they live). In this book we will only look only in the value of a mobile home park for the typical buyer who continue to operate it as a mobile home park.
Anyone that has seen an appraisal on a house or most associated with real estate can have heard mention on the 3 approaches to determining the value of that real estate. They are the Cost, Sales, and Income Get near.
Unless you are coming up light and portable value of a brandname new mobile home park or the one that is predominately vacant, I do not see any reason to utilize the cost concept. It is not likely that a new mobile home park will be built nearby the it would cost to build the most current park does not just take into account the amount of time, effort, and cash it takes to fill that park up with occupied and paying home owners.
As far given that the Sales or Market Comparison approach to value, this one other highly suspect. Need to based on comparing the sale with the subject property along recent sales and adjusting for differences that you might or might not know with reference to. Problems with this approach include varying expenses, rents, and management. Whether you are an investor or appraiser I would just use this approach as potential information and not draw any conclusions as a result.
Lago Vista RV Park
2871 Hwy 72 W, Three Rivers, TX 78071
(361) 436-0845