Mobile Home Park Underwriting Calculator
Convert mobile home park site count, monthly lot rent, and occupancy into revenue, NOI, value per site, maximum loan proceeds, and equity.
Request a financing review when you are ready to share the property, requested proceeds, and timeline.
How Mobile Home Park Per Site Underwriting Works
The calculator multiplies total sites by average monthly lot rent to estimate gross potential rent, then applies economic occupancy and adds other property revenue. The operating expense ratio is deducted to estimate stabilized net operating income.
Gross Potential Rent = Sites × Monthly Lot Rent × 12
Effective Rental Revenue = Gross Potential Rent × Economic Occupancy
Stabilized NOI = Total Revenue × (1 - Operating Expense Ratio)
Mobile Home Park Value and Loan Sizing
Indicated value is calculated from stabilized NOI and the selected capitalization rate. Maximum loan proceeds use the lower of the DSCR limit and loan to value limit. Per site results support comparisons with sales and appraisals, but owned homes, vacant sites, utility systems, roads, and deferred maintenance may require separate adjustments.
Mobile Home Park Underwriting Worked Example
An 80 site park averaging $650 in monthly lot rent at 95 percent economic occupancy produces $592,800 of effective lot rent. Adding $24,000 of annual other revenue and applying a 40 percent operating expense ratio produces $370,080 of stabilized NOI, or $4,626 per site before loan sizing.
Choosing Park Inputs and Reading the Result
Enter lot rent separately from income earned on park owned homes, and use economic occupancy that reflects nonpaying and vacant sites. Include utility reimbursements and other revenue only when collections are documented. Review the result alongside utility ownership, road condition, infill costs, tenant owned versus park owned homes, and any deferred maintenance that can affect value and lender proceeds.
Frequently Asked Questions
Should park owned home income be included with lot rent?
No. Lot rent and income from park owned homes have different expense, maintenance, and collateral characteristics. Model them separately in detailed underwriting and use this calculator primarily for recurring site revenue.
How do utility reimbursements affect mobile home park NOI?
Documented utility reimbursements can be included as other revenue, while the corresponding utility expense should remain in operating costs. Billing systems, collection history, and local rules can affect lender treatment.
What can make value per site misleading?
Owned homes, vacant expansion sites, private utilities, road condition, location, age, and deferred maintenance can create large differences between parks with the same number of sites.