Mobile home purchase from family

[Robert Gresham]

Hello all, 

I have recently found out about a property (mobile home) that has been owned for 19 yrs or so, by a family member, is available. I could acquire this home for 34k which is what is owed. Looking at the market in this small town the rental is anywhere between 800 - 1000. The mobile home needs some work to fix up (approx. 5-8K) but it is located on a canal with dock. The taxes are only $400 a year and insurance is $520. At this time it seems the value of the property is 60-70k. I am just looking for some experienced advice. I have a few ideas about funding but would like to hear about your ideas and what might be the best route. Based off the info provided would it seem this is a good deal. I have ran it through the rental calculator and found it to be pretty good on the cash ROI and income but being new, I am probably missing something. I appreciate your help and advice provided. Let me know if there is any other information needed to provide feedback.

Thanks,

Robert

[Marc Faulkner]

If there is a neighborhood association, I would check with them and get the low down on their fees and restrictions.  I would then get a few real estimates of the work that needs to get done and see if your relative would just let you assume the mortgage.  It sounds like a decent deal on the surface.  What year was the home built?