Mobile Home Park Acquisition and Underwriting Financial Model - Lot Rent, RUBS and Infill

Description
Buying a single mobile home park and need to know whether the deal covers its debt? Most park templates price 40 parks at once or collapse income into one made-up dollars-per-pad. 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, a separate utility-reimbursement (RUBS) line (gross utility cost times your recovery ratio), and the park-owned-home premium on top - three lines, three levers. The infill engine then fills vacant pads across Years 1-5 at the pace you set, booking real site-prep capex the year each pad is filled - the 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: price from in-place NOI and the going-in cap, a capital stack sized on the lesser of LTV and DSCR, the unlevered yield-on-cost and a 5-year exit.