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Updated over 8 years ago,

User Stats

90
Posts
30
Votes
Kevin Mika
  • Real Estate Agent
  • Clearwater, FL
30
Votes |
90
Posts

Mobile home deal need help analyzing numbers

Kevin Mika
  • Real Estate Agent
  • Clearwater, FL
Posted

If you could please leave me insight on this deal. 

1995 double wide MH on private land. 2 beds 2 bath with 2 driveways

Septic, Cental air, shed

Would need a Roof over $3000

Taxes $569/yr

Fees include trash, street light and hoa $280/yr

Rent should be $700 

Market value is around 45,000-$50000

I can only get seller to 42000 with half closing cost. 

Turnkey rental 

I tried to get the sellers down a little more to my first offer of $35,500.  With this I added in 5% vacancy, 10% capx, 10% PM, 10% repairs plus insurance.  It seems at this purchase price and a loan of 6% I would be breaking even each month until the loan is paid off. However I would be doing my own PM for a long time.  Any insight would help. Thanks Kevin. 

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