Most people walk away from mobile home park deals because they get lost in the details. In reality, you can screen 90% of deals in under 5 minutes with just three numbers:

1. Occupancy — Under 70%? There's usually a reason (bad reputation, deferred maintenance, or a management problem). That's not always bad — it can mean upside — but you need to know why before you get excited about the discount.

2. Lot rent vs. market lot rent — Pull comps from the 3 closest parks. If in-place rent is $100+ under market, that gap is your value-add play. If it's already at market, your only lever left is expense reduction.

3. Who pays utilities — Master-metered water/sewer paid by the owner is one of the biggest hidden value-add opportunities in this asset class. Converting to direct billing (RUBS or submetering) can add 10-15% to NOI with a relatively small capital outlay.

If you get comfortable pulling these three numbers on every deal that crosses your desk, you'll screen faster than 95% of buyers in this space — most of whom overcomplicate underwriting before they even know if a deal is worth a phone call.

Happy to answer questions on any of this in the comments.