Flipping mobile homes - what am I missing?

[Justin R.]

First, I plead ignorance other than everything I can read about mobile homes on BiggerPockets and mobilehomeinvesting.net in about 3 hours time.  :)

I own and manage a modest portfolio of MFR properties and have been involved in a couple SFR flips, so I know those games. But, I've never done anything with mobile homes.

Locally, a 4bd/2ba 1990s double wide in a central, preferred park on a spot with, say, a 2000sqft back yard, will sell for somewhere in the $120k - $150k range.  Brand new ones are listed for about $170k.

We're contemplating a flip and I'm scratching my head since almost everything online talks about buying $5k MHs and reselling for $15k and carrying the paper.  I don't see much (any?) conversation about the $130k price range.

Summary is: $50k purchase from a distressed seller, $20k in work (imagine pets and chain smoking for 25 years ... yeah), multiple comps of the same vintage within 6 months in the same park above $120k.

I'm trying to find the gotchas here.  What am I missing?

FWIW, the manager seems to want to be sure we're moving into the home rather than flipping it.  How important is park management's opinion of what's going on (answer: more than I'd like, I suspect)?

THANK YOU BP Nation!