Mobile home on land. Is this a good deal?

[Amanda Good]

Hello, I am eyeing up a property that appears to be an excellent idea, and I am looking for some advice. I have never invested in any property before and am completely new to all of this.

The property is a 1995 doublewhide on .25 acre, located in a trailer park but you own the land. The list price is $29,900. The county assesed value is $80,000. I would think that I could rent this property for 700-800 per month.

To me that looks like an excellent deal. It seems I would have $50k plus equity from the start.

What do you all think?

[Greg B.]

Welcome to BP Amanda. Lots of questions that still have to be answered here.

What part of the country are you in? What is the competition, lots of for rent signs everywhere? Does the price include the land? Who pays utilities? Why do you think it is worth $80,000 beyond the tax A/C? Are you paying cash? Taxes? Insurance? Deferred maintenance?

I am sure others will chime in but here's my thing. I haven't seen many manufactured homes that increase in value like a site built house. Most MH';s I have seen lose value a lot.