Mobile Home Park Acquisition & Underwriting Financial Model

Buying a single mobile home park — and need to know whether the deal actually covers its debt? Every other park template either prices 40 parks at once or collapses revenue into one made-up "$/pad" and pretends the vacant pads fill on day one. A park lives or dies on its lot rent, its utility recovery and a realistic infill plan. So this model builds your income the way an operator does.

Effective gross income is built bottom-up: lot-rent revenue (occupied pads × in-place lot rent × 12), a separate utility-reimbursement (RUBS) line (gross utility cost × your recovery ratio), and the park-owned-home rent premium on top — three lines, three levers, not one blended guess. Then the infill engine fills your vacant pads across Years 1–5 at the pace you set, booking real site-prep capex the year each pad is filled — the value-add upside earned on a timeline, never assumed instant. A loss-to-lease bridge captures the rent bump toward market, separately. Then it underwrites the purchase like an acquisition: price from in-place NOI and the going-in cap, the capital stack sized on the lesser of LTV and DSCR, the unlevered yield-on-cost, payback and a 5-year exit.

What it builds for your deal:

• Lot-Rent + RUBS Revenue Engine — EGI built bottom-up from lot rent, a SEPARATE utility-reimbursement line and the POH premium. The default settles at 80 pads, 68 occupied, $306,000 of lot-rent revenue, a $45,696 RUBS line and a $30,000 POH premium — $393,147 of in-place EGI, every dollar traceable to a pad.
• Infill engine, on a timeline — vacant pads fill across Years 1–5 (68 → 80), each booking ~$15k of site-prep capex the year it happens and adding ~$4,500 of NOI once online. The model never pretends the upside is instant; total infill capex is $180,000 over the hold.
• Loss-to-lease bridge — in-place lot rent ($375) vs market ($425), captured over the hold, so the rent-bump upside is visible and separated from the infill upside.
• TOH / POH mix toggle — one switch reloads the operating profile (OER, reserve, management fee, POH premium) from an editable preset table. The OER follows the mix: TOH-heavy land-lease runs lean (~37%), POH-heavy runs heavy (~58%) because it carries the homes.
• Agency / Bank-SBA financing toggle — swap the LTV, rate, amortization and DSCR target, with the loan always sized on the LESSER of the LTV cap and the DSCR constraint — the way a real lender sizes a low-cap deal.
• 5-year P&L & NOI — NOI struck after a full operating stack and the explicit utility line, at SINGLE-ASSET level (not a roll-up's scale margin). In-place NOI $178,583 rising to $257,502 by Year 5.
• Full acquisition underwrite — price from in-place NOI ÷ going-in cap ($2,551,185 at the default 7.0% cap, $31,890/pad), the capital stack, DSCR 1.33x stabilized (1.20x going-in), a 6.28% going-in yield-on-cost stabilizing at 9.06%, a conservative 5-year exit and a 1.85x equity multiple.

What's inside:

• 10-sheet Excel workbook (works in Google Sheets too — no macros, no add-ins, no external links)
• 19-page PDF user guide — quick start, sheet-by-sheet walkthrough, how the lot-rent + RUBS engine and the infill engine build your numbers, how a lender reads your DSCR and yield-on-cost, where to find the seller's real numbers, and a full FAQ
• START HERE sheet: your first underwrite in minutes, only amber cells to fill
• Revenue Engine sheet — lot rent + a separate RUBS line + the POH premium
• Infill Schedule — vacant pads filled Years 1–5, with site-prep capex booked the year it happens
• Setup sheet with editable TOH/POH and Agency/Bank-SBA preset matrices
• Benchmarks & Dashboard with KPI cards, a 5-year NOI trajectory, and sourced 2024-26 ranges

Why this one: every formula is machine-verified — the full calculation graph is recomputed by three independent engines (including Excel itself) before release, and the lot-rent + RUBS engine, the infill schedule and the toggles are all stress-tested. Honest by design: at the closing the deal is near leverage-neutral (a 7.0% going-in cap against a 6.75% debt rate), so the return is execution-driven — infill, RUBS and the loss-to-lease bump — not financial. The headline is the stabilized yield-on-cost, the DSCR and the equity multiple, not a cash-on-cash flattered by leverage. Models that balance.

Educational planning tool — not financial, legal, tax or investment advice. Mobile home park lot rents, occupancy, the home-ownership mix, RUBS recovery, cap rates and the local regulatory environment (rent control, utility-billing rules, park-closure protections) vary by market and change over time. Validate the seller's rent roll and financials, your state and local rules and your loan terms before relying on any number.