Deal or not? Mobile/manufacture home
I spoke with a homeowner that is selling her mobile/manufacture home. The subdivision looks nice and spacious. The home sits on a 1 acre land with. 3 bedroom 2 bath. Asking price 55K, I haven't ran an accurate COMP but possible ARV 100-120K. (Owner told me 120k, zillow says 100k).
Home is payed off, no loans attached.
Repairs needed: New roof, Ceiling, carpet and paint.
I'm new to REI and I never thought I would look into a mobile home, is this a deal worth it? Please help and thanks!
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- Tax Strategist| National Tax Educator| Accepting New Clients
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Neither of your ARV amounts are based on any thing factual.
There isn't really a way to tell you if this is a deal based on what's given.
You need to find out if it's on foundation that will allow it to qualify for financing.
You also need to find actual comps of similar mobiles that have sold and what they sold for. Additionally, find out what it would rent for as well as a second strategy/backup plan.
