Mobile Home Park NOI Calculator
Mobile home parks (MHPs) have unique economics: lot rent (highest margin), park-owned homes (high turnover), and RUBS utility billback (offsets cost). Calculate accurate NOI with all components.
| Lot rent income (annual) | — |
| POH income (annual) | — |
| RUBS billback income (annual) | — |
| Gross income | — |
| Operating expenses | — |
| Property tax + insurance | — |
| Net Operating Income (NOI) | — |
| Expense ratio | — |
Mobile home parks (MHPs) have the highest-margin product in commercial real estate: lot rent. The tenant owns their home; you own the dirt and infrastructure. Expense ratios run 30-45% (vs 50-60% for apartments) once stabilized. Add park-owned home rent, RUBS utility billback, and you have an asset class that trades 7-9% cap rate with substantial NOI growth potential.
Three Income Streams
(1) Lot rent: tenant-owned home, you collect just the lot rent. Highest margin (low expense per dollar). (2) Park-owned home (POH) rent: you own the home + lot, charge combined rent. Higher gross but much higher turnover, repairs, vacancy. (3) RUBS utility billback: ratio-billed water/sewer/trash recovered from tenants at $50-$80/lot/month. Pure NOI lift — typical value-add play on MHP acquisitions.
Common Value-Add Plays
(1) Implement RUBS: most under-managed MHPs absorb master-metered utilities. Switching to RUBS billback adds $50-$80/lot/month directly to NOI. (2) Convert POH to tenant-owned: rent-to-own programs shift maintenance burden to tenant. (3) Fill vacant lots: dealer partnerships to install new homes on vacant pads. (4) Market rent adjustments: many parks under-rent by $50-$150 vs market. Annual 5-10% increases until at market. (5) Sub-meter water: even bigger NOI lift than RUBS.
Last updated May 2026. Sources: Manufactured Housing Institute.