How to read a park deal
A park is three things at once: land, shared infrastructure, and a working relationship with the people who live there. Some parks own homes on top of that. Pull those pieces apart before you follow the rent into your budget; each earns differently.
Tell site rent apart from home rent
Tenant-owned homes (TOH) belong to residents who rent the ground under them. Park-owned homes (POH) put you in the home-rental business too, with repairs, title work, and management to budget for. Keep the two on separate lines and you'll know which half of the park is paying you.
Treat the advertised site count as a claim, not a fact. Permitted, usable, occupied, and paying are four different numbers, and a seller who can produce all four is worth your time.
Follow operating income through financing
NOI is operating revenue minus operating expenses, before loan payments and before capital work. Cap rate holds annual NOI against the price; it isn't the cash you keep once the lender is paid. DSCR shows how much operating income stands behind each dollar of scheduled debt. Your lender defines all three its own way, so ask for their version early.
What you see here is annual cash flow for the whole park. Add your reserves, the big repairs, and income taxes to turn it into a real cash plan. Utility reimbursements and any change to rent or fees ride on the leases and on state law, so check locally before you count on either.
Treat vacant-site income as a project
Infill means getting empty sites ready and placing homes on them. Price the homes, transport, setup, connections, approvals, and the months before the first rent lands. Confirm the water, wastewater, electrical service, and roads can carry the load. Set the future rent beside what it costs, and you'll know whether the upside is worth buying.
Work through the park analysis example, run the due-diligence checklist, and read up on financing requirements. For value rather than earnings, use the park valuation calculator.
Start with the lot count you can prove and the rent that gets collected. Everything else on this page builds off those two.