POH/TOH Split Valuation
Park-owned and tenant-owned homes are two businesses wearing one price tag. Value them separately. Manufactured housing diligence starts with who owns the homes.
7 inputs · about 5 minutes· runs in your browser
How to read this page
What you type starts as Broker-reported. Mark it Verified only when you can point to the source. What the tool computes is Calculated. Missing is named, never zeroed.
The ask
The two businesses
Tenant-owned homes: the real estate
Park-owned homes: the personal property
Your underwriting assumptions
Enter as a percent. Lot rent is capitalized as real estate at this rate.
Underwriting assumption, adjustable. The prefilled value is an illustrative default; set your own. POH rent is valued at this multiple of annual rent.
The retrade number
n/a
Enter the inputs above and the retrade number computes itself.
Split valuation
Lot-rent value (real estate)
TOH count × avg lot rent × 12 / target cap rate. Lot rent is capitalized as real estate.
POH value (personal property)
POH count × avg POH rent × 12 × POH multiple. The multiple is a stated underwriting assumption.
Split-implied value
Lot-rent value + POH value. Two businesses, one number.
Asking price
The broker-reported asking price, carried through for comparison.
Blended gross rent yield (context)
Total annual gross rent (TOH lot rent + POH rent) / asking price. A gross rent yield, not a cap rate. Context only; the split is the underwriting.
In many states, park-owned homes that have not been converted to real property are titled as personal property and depreciate, unlike the land. Title and tax treatment vary by state and by the home's status, so confirm it on the record. This tool values POH rent separately instead of capitalizing it with lot rent. The 5% band around the split-implied value is this tool's stated tolerance before the record supports a Retrade label.
Missing inputs
- Asking price: not on the record
- Tenant-owned home count: not on the record
- Average lot rent: not on the record
- Park-owned home count: not on the record
- Average POH rent: not on the record
- Target cap rate: not on the record
Evidence-readiness posture
Pause
The record supports Pause: core inputs are Missing. The split cannot be valued until asking price, home counts, rents, and the target cap rate are all on the record.
Calculated from your inputs. Nothing here is verified until you verify it. The human decides.
Advance, Retrade, Pause, and Walk are evidence-readiness labels. They are not recommendations, approvals, or advice.
Keep the record
The tool is free to use. Email is only asked when you save or export. Your numbers stay in your browser until you choose to move them.
Questions
The Acquisition Workspace
The split belongs in the full record.
Running a live deal? The Acquisition Workspace connects your underwriting in one record.
One tool settles one question. The record is where the settled questions add up to a decision.
