You have to evaluate this in individual elements ? then put it all together for an overall value.
The spaces have no value other than raw land value ? ?cheap, cheap, cheap.? Your main cash flow and which you would obtain your most value is from the spaces receiving rent.
First you value the cash flow from the spaces obtaining rents (you can get this off the rent roll). Park owned homes are considered a liability. Count only the income from the park spaces. Deduct the actual operating expenses and don?t forget insurance, utilities (major expense), maintenance, capital expenditures, etc. Capitalize those figures into your own return you wish to receive, the risk of the park, and a value for your efforts. Then pull all of your numbers together and see what your coming up with for numbers.
After that you would need to see the actual certified income and expenses for the deal before actually structuring an offer.