From rv-park-tools
Comprehensive RV park underwriting — post-contract deep due diligence analysis. Verifies all financials against bank statements and actuals, runs 3-scenario NOI (floor/base/upside), valuation matrix, DSCR at every offer price, formal Risk Matrix across 4 categories, 28-item due diligence checklist, 25+ hard seller questions, and a gated Go/No-Go verdict. Use when: 'underwrite this RV park', 'run full RV park due diligence', 'verify this deal', 'go deep on this park', 'we're under contract — analyze everything', 'run the comprehensive underwriting', 'RV park DD', 'deep dive this RV deal', or any time an investor is under contract or approaching LOI acceptance on an RV park and needs full verification before going hard on contingencies.
How this skill is triggered — by the user, by Claude, or both
Slash command
/rv-park-tools:rv-park-underwriterThis skill is limited to the following tools:
The summary Claude sees in its skill listing — used to decide when to auto-load this skill
This skill is Phase 1 of the two-skill RV Park analysis system. It runs after an LOI is accepted and the investor is under contract. Its job is to verify everything the screener estimated, find every risk that could hurt the investor, and produce a definitive Go/No-Go verdict before contingencies are released.
This skill is Phase 1 of the two-skill RV Park analysis system. It runs after an LOI is accepted and the investor is under contract. Its job is to verify everything the screener estimated, find every risk that could hurt the investor, and produce a definitive Go/No-Go verdict before contingencies are released.
Design philosophy: Skeptical first, actionable second. This skill does NOT exist to validate a decision already made. It exists to find every assumption that could cost money, every risk that could kill the investment, and every number that needs confirmation before capital is deployed. If the deal is good, the numbers will prove it. If the numbers don't hold up, the investor walks away before losing real money.
The skill cannot output GO until the Risk Matrix is complete. Two or more unresolved HIGH risks = Yellow or Red verdict, regardless of how good the NOI looks.
Before running any analysis, load this client's saved RV park investment preferences from Cloud Brain. These calibrate all thresholds and verdicts to their specific buy box.
Search Cloud Brain using search_notes with query: "rv park preferences". Also check for screener analysis: search_notes with "[property name or slug] screen" to pull the Phase 0 screener output if available.
If preferences ARE found:
Display a quick confirmation and proceed:
📋 Underwriting calibrated to your preferences — Min cash flow: $[X]/mo | Target cap: [X–X]% | Min DSCR: [X]x | Markets: [X]
If screener analysis IS found in memory:
📎 Screener found: NOI floor: $[X] | Recommended offer: $[X] | Pursuit decision: [X] | Top flags: [list] Using screener estimates as starting baseline — all figures will be verified against bank statements.
If NO preferences found — run setup first:
"Before we begin underwriting, I need your investment criteria so every threshold and verdict reflects your actual buy box:"
Save to memory: write_note → brain/preferences/rv-park-preferences.md
| Hardcoded Default | Replace With |
|---|---|
| DSCR thresholds (1.15x / 1.25x) | Client's stated minimum DSCR |
| Cash flow flags ($1,500 / $3,000) | Client's stated minimum as primary benchmark |
| Cap rate range for valuation matrix | Weight toward client's target cap rate range |
| GO/NO-GO verdict thresholds | Calibrated to client's risk tolerance |
| Offer price recommendations | Anchored to client's target cap rate |
Parse all available documents. For any document not yet provided, add it to the Due Diligence Checklist with HIGH priority and note that the analysis is proceeding with unverified assumptions.
Tier 1 — Critical Documents (analysis cannot be completed without these):
Tier 2 — Required for Full Analysis:
Tier 3 — Due Diligence Period Documents:
Build a structured property profile from all available inputs. Note confidence level for each data point (Verified / Estimated / Unknown).
Revenue is verified in 7 steps. Each step is mandatory. Do not accept any revenue figure as final until all 7 steps are complete.
Compare 24 months of bank deposits to P&L revenue line by line.
Divide verified monthly site deposit revenue by (operational sites × stated occupancy %).
Annual verified revenue ÷ total operational sites = RevPAS
Identify and separate all revenue streams:
| Stream | Annual Amount | % of Total | Risk Rating |
|---|---|---|---|
| Monthly site fees | $[X] | [X]% | LOW (stable) |
| Transient (nightly/weekly) | $[X] | [X]% | MEDIUM-HIGH (seasonal) |
| Utility reimbursements | $[X] | [X]% | Flag recapture rate |
| Cabin/glamping | $[X] | [X]% | MEDIUM (higher opex) |
| Ancillary (store/propane/activities) | $[X] | [X]% | MEDIUM (owner-dependent risk) |
| Storage | $[X] | [X]% | LOW (passive) |
Flag if >80% from any single stream (concentration risk). Flag if ancillary revenue appears owner-dependent (won't survive sale).
If electricity is billed back to tenants via sub-metering:
Compare stated transient income to reservation system export or booking records.
Plot 3-year revenue by category:
VERIFIED GROSS REVENUE = $[final verified amount] List every assumption made and every unverified figure with its impact.
Apply ALL expense lines. For every line not on the P&L, add it and explain why. An expense ratio below 35% is impossible for a fully-normalized operating park — add missing lines until the ratio is defensible.
| Expense Line | Calculation | Verification Method | Default If Unknown |
|---|---|---|---|
| Property Taxes | Verify against county assessor records | Pull county tax records via web search | Owner-stated with county URL citation |
| Insurance | Actual policy declaration page | Request policy; $500/site/yr if unavailable | $500/site/yr (rising market) |
| Water/Sewer/Trash | 12-month utility bill average | Request bills | $800–$1,200/month for 50-site park |
| Management Fee | IF owner-operated: 20% of verified gross revenue | — | ALWAYS add — 20% is industry midpoint |
| Payroll/Labor | Cross-check W-2s/1099s against bank outflows | Request payroll records | Include work camper market-value labor |
| Repairs & Maintenance | Actual + 20% first-year buyer cushion | Review maintenance logs | Minimum $200/site/yr (new build) to $500/site/yr |
| Capital Reserves | New build (0–5 yr): $500/site/yr | Mid-age (6–15 yr): $750/site/yr | Older (15+ yr): $1,000–$1,500/site/yr |
| Utilities — Common Areas | Actual from bills | Electric, internet, propane if applicable | Estimate $300–$600/month |
| Net Utility Cost (recapture shortfall) | From Step 1E | Verified from billing records | Apply 20% shortfall default if unverified |
| Marketing / Reservation Software | Actual + planned increase | Review current spend | $6,000–$15,000/yr |
| Admin / Accounting / Legal | Actual | Review bank disbursements | $7,000–$12,000/yr |
| Landscaping | Actual | Review vendor invoices | $4,000–$8,000/yr for 40–80 site park |
| Misc/Contingency | 4% of verified gross revenue | — | Always include — do not remove |
After normalization, calculate: Total Expenses ÷ Verified Gross Revenue = Expense Ratio
| Expense Ratio | Park Type | Verdict |
|---|---|---|
| Below 35% | Any | 🚨 IMPOSSIBLE — add missing expense lines |
| 35–48% | Monthly/annual-heavy | ✅ Normal |
| 48–65% | Transient-heavy or mixed | ✅ Normal |
| 65–72% | Transient-heavy with high labor | ⚠️ Acceptable — monitor for efficiency |
| Above 72% | Any | 🚨 Operational problems — investigate |
TOTAL NORMALIZED EXPENSES = $[amount] ([X]% expense ratio) List every addition, the reason it was added, and the dollar amount.
Always produce three NOI figures. Label them clearly. Never blend scenarios.
THREE-SCENARIO NOI — [Property Name]
SCENARIO | FLOOR (Conservative) | BASE (Stabilized) | UPSIDE (Value-Add)
------------------------|----------------------|----------------------|----------------------
Revenue Basis | 3-yr avg OR bank | Verified current | Post-improvement
| statements (lower) | run-rate actuals | market rate + amenities
Occupancy Used | [actual low yr] % | [current verified] % | 88–92% stabilized
Monthly Rate Used | $[effective rate] | $[effective rate] | $[market rate]
Gross Revenue | $[amount] | $[amount] | $[amount]
Total Normalized Expenses| ($[amount]) | ($[amount]) | ($[amount+])
NET OPERATING INCOME | $[amount] | $[amount] | $[amount]
Expense Ratio | [X]% | [X]% | [X]%
USE CASE:
- Floor: Financing applications, stress test, minimum offer price
- Base: Primary underwriting, recommended offer price, DSCR calculations
- Upside: Strategic planning ONLY — never for offer pricing or financing
State clearly: "All offer prices and financing analysis use the BASE NOI. The FLOOR NOI is used for stress testing. The UPSIDE NOI is shown for informational purposes only — it is not a justified offer basis."
Identify and document the top 3 drivers of the gap between FLOOR and UPSIDE NOI.
Build the full valuation matrix using all three NOI scenarios.
Assign the appropriate cap rate range BEFORE showing the numbers, based on:
| Factor | Cap Rate Adjustment |
|---|---|
| Class A resort / destination / major MSA (< 150 mi) | Start at 6–7% |
| Standard park / solid market / good occupancy | Start at 8–9% |
| Rural / seasonal / single-attraction / older infra | Start at 10–12% |
| New construction (< 5 yr) | Subtract 0.5–1.0% |
| Missing amenities (unbuilt clubhouse, no 50A) | Add 0.5–1.0% |
| Below 3.8 Google rating | Add 1.0% |
| FEMA flood zone | Add 1.0–2.0% |
State the selected cap rate range and justify it in 2–3 sentences. Note where client's target cap rate range falls relative to the selected range.
VALUATION MATRIX — [Property Name]
Selected Cap Rate Range: [X]% – [X]% | Client's Target: [X]% – [X]% | Rationale: [brief justification]
| [low cap]% | [mid cap]% | [high cap]%
---------------------|-------------|-------------|-------------
FLOOR NOI ($[X]) | $[X÷low] | $[X÷mid] | $[X÷high]
BASE NOI ($[X]) | $[X÷low] | $[X÷mid] | $[X÷high]
UPSIDE NOI ($[X]) | $[X÷low] | $[X÷mid] | $[X÷high]
CONTRACT PRICE ($[X])| [cap%] | [cap%] | [cap%]
Price Per Site @ Contract: $[contract ÷ sites] | Industry range: $10,000–$30,000/site
Revenue Multiple @ Contract: $[contract ÷ verified revenue]x | Industry range: 2.0–4.0x
State the recommended offer range based on Base NOI and client's target cap rate range.
Model DSCR at three price points: (1) Contract price, (2) Recommended offer, (3) Lowest viable price.
Scenario A — SBA 7(a) Assumption + Seller Carry
Scenario B — New Conventional (25% Down)
Scenario C — USDA B&I (if rural eligible)
DSCR ANALYSIS
Price Point | Contract ($[X]) | Recommended ($[X]) | Floor ($[X])
---------------|-----------------|--------------------|--------------
Scenario A DSCR| [X]x | [X]x | [X]x
Scenario B DSCR| [X]x | [X]x | [X]x
Scenario C DSCR| [X]x | [X]x | [X]x
Client Min DSCR| [X]x ✅/❌ | [X]x ✅/❌ | [X]x ✅/❌
🚨 Flag any DSCR below client's minimum OR below 1.0x. ⚠️ Flag DSCR between 1.0–1.15x. ✅ DSCR at or above client's minimum: "Meets your stated DSCR requirement."
Also model True Cash Flow (NOI minus ALL debt service) and compare to client's minimum monthly cash flow target.
Every identified risk is entered here. The overall deal rating is CALCULATED from this matrix — not from gut feel.
FINANCIAL RISKS
| Risk | Severity | Finding | Mitigation |
|---|---|---|---|
| Revenue actuals < P&L stated | [HIGH/MED/LOW] | [Finding from Step 1A] | [Action] |
| Effective rate < stated rate | [HIGH/MED/LOW] | [Finding from Step 1B] | [Action] |
| Expense ratio below 35% before normalization | [HIGH/MED/LOW] | [Finding from Step 2] | [Action] |
| Management fee missing from P&L | [HIGH/MED/LOW] | [Finding] | [Action] |
| Capital reserves missing | [HIGH/MED/LOW] | [Finding] | [Action] |
| Only 1 year of financials available | [HIGH/MED/LOW] | [Finding] | [Action] |
| Revenue appears owner-dependent | [HIGH/MED/LOW] | [Finding] | [Action] |
| Related-party expenses on P&L | [HIGH/MED/LOW] | [Finding] | [Action] |
| Deferred bookings/deposits as liability | [HIGH/MED/LOW] | [Finding] | [Action] |
| NOI below level needed to meet client's DSCR minimum | [HIGH/MED/LOW] | [Finding] | [Action] |
LEGAL & REGULATORY RISKS
| Risk | Severity | Finding | Mitigation |
|---|---|---|---|
| Residency / maximum stay ordinance | [HIGH/MED/LOW] | [Finding] | Call city planning pre-LOI |
| Commercial zoning without RV park CUP | [HIGH/MED/LOW] | [Finding] | Verify permitted use |
| Legal non-conforming (grandfathered) status | [HIGH/MED/LOW] | [Finding] | Verify rebuild rights |
| Permits not current or non-transferable | [HIGH/MED/LOW] | [Finding] | Request copies + confirmation |
| Monthly tenants with legal tenant protections | [HIGH/MED/LOW] | [Finding] | Review state tenant law |
| Rent increase restrictions by state law | [HIGH/MED/LOW] | [Finding] | Research state statutes |
| Work camper employees — employment law risk | [HIGH/MED/LOW] | [Finding] | Legal review |
| Undisclosed easements or access issues | [HIGH/MED/LOW] | [Finding] | Title review |
PHYSICAL & INFRASTRUCTURE RISKS
| Risk | Severity | Finding | Mitigation |
|---|---|---|---|
| Private well — not on municipal water | [HIGH/MED/LOW] | [Finding] | Water quality + capacity test |
| Private septic / package plant | [HIGH/MED/LOW] | [Finding] | County records + capacity |
| Electrical pedestals 30-amp only | [HIGH/MED/LOW] | [Finding] | Estimate upgrade cost |
| FEMA flood zone location | [HIGH/MED/LOW] | [Finding] | Survey + flood insurance cost |
| Phase I Environmental not completed | [HIGH/MED/LOW] | [Finding] | Order immediately |
| Wetlands on or adjacent to property | [HIGH/MED/LOW] | [Finding] | Army Corps review |
| Roads in poor condition | [HIGH/MED/LOW] | [Finding] | Civil engineer inspection |
| Unbuilt clubhouse or promised amenities | [HIGH/MED/LOW] | [Finding] | Contractor bid required |
| ADA non-compliance | [HIGH/MED/LOW] | [Finding] | ADA audit + cost estimate |
| WiFi infrastructure absent | [HIGH/MED/LOW] | [Finding] | IT assessment + budget |
MARKET & DEMAND RISKS
| Risk | Severity | Finding | Mitigation |
|---|---|---|---|
| Outside client's target markets | [HIGH/MED/LOW] | [Finding] | Confirm client buy box applies |
| Single-attraction market | [HIGH/MED/LOW] | [Finding] | Research backup demand drivers |
| > 150 miles from major MSA | [HIGH/MED/LOW] | [Finding] | Drive-time demand analysis |
| 3+ direct competitors within 25 miles | [HIGH/MED/LOW] | [Finding] | Competitive analysis |
| Google rating below 3.8 / <20 reviews | [HIGH/MED/LOW] | [Finding] | Full review analysis |
| Park listed >180 days / prior contract failure | [HIGH/MED/LOW] | [Finding] | Investigate prior DD findings |
| Occupancy declining 2+ years | [HIGH/MED/LOW] | [Finding] | Root cause analysis |
Count HIGH risks:
| Rating | Criteria | Recommendation |
|---|---|---|
| 🟢 GREEN | 0 HIGH risks; all financials verified; DSCR meets client's minimum | GO HARD — release contingencies |
| 🟡 YELLOW | 1–2 HIGH risks, resolvable; DSCR near client's minimum; some unverified | GO WITH CONDITIONS — specify exactly what must clear |
| 🔴 RED | 3+ HIGH risks unresolved; DSCR below client's minimum at recommended price; material misrepresentation suspected | DO NOT GO HARD — specify what would move to Yellow |
OVERALL DEAL RATING: [GREEN / YELLOW / RED] State the 3 biggest risks and 3 biggest opportunities in plain language.
Generate a deal-specific, prioritized DD checklist. Every item from the Risk Matrix becomes a DD item. Add all standard items below.
| # | Item | Request From | Status | Priority |
|---|---|---|---|---|
| 1 | 24 months of bank statements — verify revenue | Seller | ☐ | CRITICAL |
| 2 | Residency ordinance verification — call city/county planning | Municipality | ☐ | CRITICAL |
| 3 | Permitted site count — obtain approved site plan | City/County Planning | ☐ | CRITICAL |
| 4 | SBA loan assumability — contact lender directly | Existing Lender | ☐ | CRITICAL |
| 5 | Utility recapture rate — billing records | Seller / Utility | ☐ | CRITICAL |
| 6 | Google and Yelp full review analysis | Public / Web | ☐ | HIGH |
| 7 | 3 years of P&L and tax returns | Seller / CPA | ☐ | CRITICAL |
| 8 | Rent roll — all tenants, sites, rates, move-in dates | Seller | ☐ | CRITICAL |
| 9 | Phase I Environmental Site Assessment | Environmental Firm | ☐ | CRITICAL |
| 10 | Water/well test — potability, capacity, county records | Licensed Inspector | ☐ | HIGH (if private well) |
| 11 | Septic design approval and pump records | County Health Dept | ☐ | HIGH (if private septic) |
| 12 | Electrical inspection — pedestal amperage, panel condition | Licensed Electrician | ☐ | HIGH |
| 13 | Title report — liens, judgments, easements, CC&Rs | Title Company | ☐ | CRITICAL |
| 14 | All current permits + transferability confirmation | Seller | ☐ | CRITICAL |
| 15 | Zoning compliance certificate + CUP if applicable | City/County | ☐ | CRITICAL |
| 16 | Clubhouse/construction cost estimate — independent bid | General Contractor | ☐ | HIGH (if unbuilt) |
| 17 | Adjacent parcel pricing (if expansion planned) | Owner / Realtor | ☐ | MEDIUM |
| 18 | Road and infrastructure — civil engineer inspection | Civil Engineer | ☐ | HIGH |
| 19 | FEMA flood zone determination | Surveyor / FEMA maps | ☐ | CRITICAL |
| 20 | Reservation system — data and system transferability | Software Vendor | ☐ | HIGH |
| 21 | Staffing — who stays, at what terms | Seller / Employees | ☐ | HIGH |
| 22 | Insurance claims history — 5 years | Insurance Broker | ☐ | MEDIUM |
| 23 | Capital improvement history — last 5 years | Seller | ☐ | HIGH |
| 24 | Deferred bookings and deposits — full liability schedule | Seller | ☐ | HIGH |
| 25 | Propane/LP gas system inspection (if present) | Licensed Inspector | ☐ | MEDIUM |
| 26 | ADA compliance audit | ADA Consultant | ☐ | MEDIUM |
| 27 | WiFi/internet infrastructure assessment | IT Consultant | ☐ | LOW-MEDIUM |
| 28 | Competing park analysis — rates, occupancy, amenities within 25 miles | Web Research | ☐ | HIGH |
Add any deal-specific items from the Risk Matrix flags above.
Generate 25 specific, hard questions tailored to this deal. These are NOT friendly questions. They are designed to surface information the seller may not volunteer.
Always include these core questions — add deal-specific ones from the Risk Matrix:
Financial Questions (always required):
Legal & Regulatory Questions (always required): 11. Has the city or county ever communicated any maximum stay or residency ordinance restrictions? Has any tenant ever been told they must leave after a maximum period? 12. Are all current operating permits current and have you confirmed in writing with each issuing authority that they are transferable? 13. Are any of your monthly tenants classified as legal tenants with formal eviction protections under state law? 14. Is the property's current use specifically permitted by right, or is it operating under a grandfathered status or conditional use permit? 15. Have you ever received any notice of violation, code enforcement action, or government inquiry related to this property?
Infrastructure Questions (add based on property): 16. (If private well) What is the most recent water quality test result, what is the well's tested GPM capacity, and what is the county maintenance history? 17. (If private septic) What is the design capacity, when was it last pumped, and does it have county approval for the current site count? 18. (If clubhouse unbuilt) Have permits been pulled? What is your contractor's bid? Why hasn't it been built yet? 19. (If expansion planned) Have you had conversations with the adjacent parcel owner? 20. Has the property ever flooded, and does the current mortgage require flood insurance? 21. Has a Phase I Environmental been conducted? Are you aware of any underground storage tanks or contamination?
Operational Questions: 22. Which employees or contractors are currently working here, and which would you expect to stay after a sale? 23. Is your reservation system transferable, and does the guest database and booking history transfer? 24. Are any of your current tenants behind on rent? What is your current delinquency rate? 25. Why are you selling now rather than waiting for the park to be fully stabilized?
This section is always the last thing generated. Never generate the verdict before the Risk Matrix is complete.
GO / NO-GO VERDICT — [Property Name]
OVERALL RISK RATING: [GREEN / YELLOW / RED]
VERIFIED NOI: $[base NOI] (Floor: $[X] | Upside: $[X])
RECOMMENDED OFFER RANGE: $[X] – $[X]
CONTRACT PRICE: $[X] — [above/below/within] recommended range
DSCR AT RECOMMENDED PRICE: [X]x ([Scenario A/B/C]) vs. client minimum of [X]x ✅/❌
TRUE MONTHLY CASH FLOW: $[X]/month vs. client minimum of $[X]/month ✅/❌
THE 3 BIGGEST RISKS:
1. [Most critical risk — specific, not generic]
2. [Second risk]
3. [Third risk]
THE 3 BIGGEST OPPORTUNITIES:
1. [Most compelling upside — specific, quantified where possible]
2. [Second opportunity]
3. [Third opportunity]
RECOMMENDED NEXT STEPS:
1. [Immediate action]
2. [Second action]
3. [Third action]
Timeline: [X days to complete all verification before DD deadline]
VERDICT:
[GO HARD — Release contingencies. All key risks resolved. Numbers verified. Meets client's DSCR and cash flow minimums.]
[GO WITH CONDITIONS — Release contingencies on [specific items]. Hold on [specific items] until [action].]
[RENEGOTIATE — Verified NOI of $[X] supports a maximum price of $[X] at [cap]% cap to meet client's criteria. Current contract price of $[X] requires a reduction of $[amount].]
[WALK — [Specific reason]. The deal as structured cannot meet client's minimum criteria at any reasonable price because [specific finding].]
Deliver the complete report in this sequence:
Always save the analysis to: brain/deal-analyses/[property-slug]-underwrite-[YYYY-MM-DD].md
| Metric | Conservative | Standard | Strong |
|---|---|---|---|
| Cap rate (rural standard) | 10–12% | 8–10% | 6–8% |
| Cap rate (resort/destination) | 8–9% | 6–8% | 5–7% |
| Expense ratio (monthly-heavy) | 48–55% | 42–48% | 38–42% |
| Expense ratio (transient-heavy) | 65–70% | 55–65% | 48–55% |
| EBITDA margin | 13–17% | 18–24% | 25%+ |
| DSCR (minimum bankable) | 1.15x (SBA 7a) | 1.25x | 1.40x+ |
| Management fee (3rd party co.) | 25–30% | 18–25% | 15–18% |
| Management fee (in-house hire) | $50,000/yr | $42,000/yr | $38,000/yr |
| Capital reserves (new build) | $500/site/yr | $600/site/yr | — |
| Capital reserves (mid-age) | $750/site/yr | $850/site/yr | — |
| Capital reserves (older) | $1,000–$1,500/site/yr | — | — |
| RevPAS (KOA franchise) | — | ~$7,000/site/yr | — |
| RevPAS (resort/Sun style) | — | ~$10,000/site/yr | — |
| RevPAS (rural standard) | $2,500/site/yr | $3,500–$5,000/site/yr | $6,000+ |
| Price per site (rural) | $10,000 | $15,000–$25,000 | $30,000+ |
| Revenue multiple | 2.0x | 2.5–3.5x | 4.0x+ |
Creates, edits, and optimizes skills for Claude Code, including drafting, evaluating with test prompts, iterating on performance, and improving skill descriptions for better triggering accuracy.
npx claudepluginhub owenmecham/mbg --plugin rv-park-tools