What counts as operating income
Site rent, nightly stays, seasonal sites, storage, cabins, laundry, store profit, and other recurring park income belong in the revenue picture. One-time asset sales or unusual reimbursements should be separated.
What buyers normalize
Buyers usually adjust for family labor, owner-specific vehicles, unusual repairs, non-recurring capital projects, and expense categories that would change under new ownership.
Why NOI quality matters
Two parks with the same gross revenue can trade very differently if one has clean books, documented expenses, and durable recurring income while the other depends on undocumented cash, deferred repairs, or heroic owner labor.