POH/TOH Split Valuation
Park-owned and tenant-owned homes are two businesses wearing one price tag. Value them separately.
7 inputs · about 5 minutes· runs in your browser
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. POH rent is personal-property income, 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.
POH homes are depreciating personal property, not dirt. Capitalizing their rent as real estate is how buyers overpay. The 5% band around the split-implied value is the tolerance before the record supports a retrade.
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. Take the working paper with you. available for your records. Your numbers stay in your browser until you choose to move them.
Questions
Park-owned homes are depreciating personal property. Lot rent is real estate. Capitalizing home rent as real estate is how buyers overpay. Two businesses, one price tag, valued separately.
The multiple of annual POH rent used to value the homes as personal property. It is an underwriting assumption, stated and adjustable, never a verified fact.
Total annual rent from both businesses divided by the asking price. Context only. The split is the underwriting.
If the asking price exceeds the split-implied value by more than 5 percent, the record supports Retrade. That delta is the number you take back to the seller.
The next step
This is the number you take back to the seller.
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