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Uncollected rent from occupied pads
Lenders value POH separately — agency cap will be lower than blended.
Optional — for agency density check
Per pad, per month
Per home, on top of lot rent
Total park, monthly
Laundry, fees, storage
Illustrative assumption
Years
Balloon at year 10
= $84,000 at closing
$50/pad/yr Freddie standard = $3,000/yr
= $19,007/yr
Years
Cap Rate
11.9%
Cash-on-Cash
13.5%
DSCR
1.62x
Debt Yield
17.0%
5yr IRR
39.1%
Price / Pad
$40,000
Lender's View
Likely qualifies for agency financing: 60 pads, 20% POH, 92% occupied, 1.33x DSCR. Full eligibility requires lender review.
Verdict
Strong Buy
Math works at this asking. Cap rate is strong at 11.9%, DSCR of 1.62x gives comfortable lender coverage, and a 39.1% projected IRR. Worth pursuing if due diligence holds up.
Operating Summary
| Rent −5% | Base | Rent +10% | |
|---|---|---|---|
| Cap −50bps | Strong | Strong | Strong |
| Base | Strong | Strong | Strong |
| Cap +50bps | Strong | Strong | Strong |
Amy Brown · NMLS #2310281 · NEXA Lending. Educational guidance only; not a commitment to lend. Terms, rates, and program availability subject to change.