Commercial Real Estate Properties, Financial Model, Investment, Mobile Home, Real Estate

10-year Financial Projections, Cap Rate (Capitalization Rate), Cash Flow Analysis, Cash Flow Projections, Cash on Cash Yield, Dashboard, Debt Amortization, Debt Schedule, Debt Service Coverage, Excel, Financial Feasibility, Financing, Google Sheet, Investment Multiple, Investor Cash Flows, IRR (Internal Rate of Return), Joint Venture, Private Equity Waterfall Distribution Models, Pro-Forma, Property Valuation, Real Estate Valuation, Rental Income, Scenario Analysis, Sensitivity Analysis, Uses and Sources of Funds

Mobile Home Park Acquisition & Underwriting Model (Excel)

What the template is used for

This is a deal-level underwriting model for acquiring an existing mobile home park or RV community. It takes a park’s rent roll, operating expenses, financing terms, and exit assumptions and projects a full 10-year pro forma, returns, and an equity split. It is built specifically for the economics of parks, where the operator typically rents the lot rather than the home, and is not a multifamily model reused for a different asset class.

Main features and highlights

The model separates income by type — tenant-owned-home (TOH) lot rent, park-owned homes (POH), and RV pads — because each carries different margins and expenses. It includes a vacant-lot infill module that phases in occupancy over time, a water and sewer expense line with an adjustable RUBS utility-recovery input, and configurable operating expenses with a separate growth rate. The financing section sizes an acquisition loan by loan-to-value and models an interest-only period, amortization, and annual DSCR. Returns include levered and unlevered IRR, equity multiple, cash-on-cash, going-in and exit cap rates, and price per lot. A single-hurdle LP/GP waterfall applies a preferred return and a GP promote. The workbook also contains an exit-cap sensitivity table and a one-page summary dashboard. It is built across seven tabs with roughly 550 live formulas and no macros.

How to best work with this template

All inputs live on a single Assumptions tab, where editable cells are colored blue. You change only those cells; every other value is calculated and updates automatically. Results are read on the Dashboard tab. The file works in both Microsoft Excel and Google Sheets. Defaults are in USD and are fully editable.

Why you need this template

Underwriting a park on a generic real estate model misprices the deal, because it cannot represent lot-versus-home rent, infill lease-up, or utility recovery. This template lets an individual investor, syndicator, or small fund size a park acquisition, its debt, and its investor returns quickly and consistently, using assumptions built around how parks actually operate.

This model is provided as a financial analysis tool and does not constitute investment, tax, or legal advice. All assumptions and outputs should be independently verified before making any investment decision.

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