Am I missing anything here?

[Gigi Blanton]

Hey everyone!

I recently inherited a piece of property, single lot in a residential neighborhood, city water, not sure about sewage yet. It's the home I grew up in. Anyhow, the trailer/Frankenstein house built around structure has gone to oblivion. It's going to cost me $4000 to get it totally razed and the lot cleared. After that, I'm planning to get either a used or a foreclosed MH and set it up on the lot, then lease it out. I already own two other MH properties that I just fixed up where they sat and then leased them out, so I'm familiar with fixing up MH's to a degree, but this is the first time I'll be doing a move and setup.

I'm planning on spending 20 - 25k to get this set up and going, and if I lease it, rents in this area should be around 400 - 500, depending on how many bed/baths. If I do a loan, payments should be around 160 - 180/month, and that's if I borrow the whole enchilada, which isn't likely. My other rentals would cover my personal mortgage plus this loan payment if needed, so I could carry for awhile. Demand has been weak, but it's picked up recently, especially in the lower-cost end of things in my area.

This looks like a good deal all the way around, but am I overlooking anything here?

Thanks in advance for any advice.