RP002-OOO - Appraisal of Mobile Home Parks OnDemand

Registration

Please see the "Upcoming Classes" tab for class offerings and registration information.

New Online Course!  You will not find this course offered anywhere else!

Why is This Course a Must for the Commercial Appraiser?

• Institutional investors have been jumping into this market in recent years - Isn’t is time for you to understand this property type?
• Do you know which mobile home park properties interest institutional investors?
• Can you structure an income statement for a mobile home park?
• Do you know which revenue sources are considered by lenders in estimating real estate value and which are not part of real estate value?
• Do you know how cap rates vary with the type of park and other characteristics?
• Do you know which sales comparison adjustments are most important for this property type?

Course Description

This course was developed specifically for the commercial appraiser who wants to branch out into the specialty of appraisal of mobile home parks. Prior to development of this course, virtually no appraisal literature has addressed this property type. This is an advanced course. The course assumes that the student appraiser has had training on the sales comparison approach and the income approach including discounted cash flow analysis as a prerequisite. This course ties that training to the specialty of mobile home park appraisal.

The initial chapters give the appraiser a foundation in the reasons why mobile home parks face stigma in some communities while being protected as affordable housing in others. The course addresses, how these properties are configured and designed and the unique challenges they pose to the appraiser. The primary physical and operating characteristics are discussed. The sales comparison approach material addresses how adjustments are addressed specific to this property type. The income approach modules familiarize the appraiser with how to apply both direct capitalization and discounted cash flow analysis to this property type.

Instructional Methods

Classroom delivery methods include lectures, discussions and individual/group exercises and assignments. eLearning delivery methods include ondemand access to narrated lectures and lecture assessments online via My ASA Courses.

Course Audience 

This course is for students who have a basic understanding of how to appraise complex commercial real estate such as fueling station/c-store, car washes, lodging properties, nursing/assisted living facilities, etc.  The course teaches how to allocate/segregate the various components inexorably connected to the real estate; however, it does not qualify participants as business appraisers and does not teach business valuation in a formal manner. 

Approvals

CAP approval for this course is pending with the Appraisal Foundation.

This course is approved by the International Distance Education Certification Center (IDECC). 

ASA is currently in the process of seeking individual state approvals for the online/OnDemand delivery of this course - states are added below as soon as their approvals have been confirmed.  This course has been approved for 7 CE hours, unless otherwise noted, in the following states:

AL - expires 9/30/2020
AR - expires 12/26/2021
CA - expires 7/31/2023
CO - expires 5/15/2022
IA - expires 5/15/2022
IL - expires 12/31/2020
IN - expires 5/15/2022
KY - expires 6/30/2020
MA - expires 5/15/2022 (NR)
MD - no expiration
ME - expires 5/15/2022
MO - expires 5/15/2022
NC - expires 12/31/2020
NJ - no expiration
NV - expires 11/30/2020
OH - expires 12/31/2020
OK - expires 8/9/2022
OR - expires 5/15/2022
PA - expires 5/15/2022
TN - expires 9/30/2021
VA - expires 5/15/2022
WA - expires 8/1/2022
WI - expires 5/15/2022

Agenda

The following topics are covered in this course:

• Course Overview
• Module 1_Mobile Home Park Industry, Facility Characteristics, Financial Operations
• Module 1_Assessment
• Module 2_Sales Comparison Approach for Mobile Home Park2
• Module 2_Assessment
• Module 3 Income Approach – Direct Capitalization for Mobile Parks
• Module 3_Assessment
• Module 4 Income Approach – Discounted Cash Flow Analysis and Cost Approach
• Module 4_Assessment
• Final Online Assessment

Learning Outcomes

Upon completion of this course,students will be able to:

• Module 1: Mobile Home Park Industry, Facility Characteristics & Financial Operation
  1. Demonstrate familiarity with mobile home park configuration and primary functions.

  2. Distinguish the key elements of mobile home park characteristics that differentiate mobile home parks and contribute to quality and value.

  3. Distinguish factors which influence the mobile home park market.

  4. Examine the revenue sources and expense line items specific to mobile home park appraisals.

  Module 2: Sales Comparison Approach for Mobile Home Parks
  1. To examine when to apply sales comparison approach to a mobile home park appraisal

  2. To apply appropriate guidelines for inspection and sale comparable selection for mobile home parks.

  3. To property evaluate transactional, property adjustments and economic characteristics in the sales comparison approach for mobile home parks.

  4. To apply the methodology of the sales comparison approach to mobile home parks.

  Module 3: Income Approach – Direct Capitalization for Mobile Home Parks
  1. Distinguish how and when to use direct capitalization for valuation of a mobile home park facility.

  2. Examine and apply the key factors in estimating the overall capitalization rate for a mobile home park facility.

  3. Analyze income and operating expenses found in mobile home park facilities.

  4. To use appropriate guidelines for rent comparable selection for mobile home parks.

  5. Analyze and compare the strengths and weaknesses of various methods of estimating overall rates for mobile home parks.

  Module 4: Income Approach – Discounted Cash Flow Analysis for Mobile Home Parks & Cost Approach
  1. Distinguish when present value of rent loss or discounted cash flow analysis is the appropriate method for the income approach for a mobile home park.

  2. Examine the comparative strengths and weaknesses of present value of rent loss method vs. discounted cash flow analysis for a mobile home park.

  3. Analyze how income and fixed, variable and partially variable expenses are built into a discounted cash analyses for a mobile home park.

  4. Demonstrate proper application of present value of rent loss analysis in the valuation of mobile home parks.

  5. Demonstrate proper application of discounted cash flow analysis in the valuation of mobile home parks.