Is this trailer worth it ?

[Tevin Lavergne]

I’m currently looking at a 2002 Trailer. Its 3br and 2bath. It’s owner financing. They have it valued at $25,000. They have done some repairs on it (new roof, new wooden floors, patched walls, etc...) So with me doing owner financing I will have to pay 288 a month to them.

Price: $25,000

Down payment: $1000

Mortgage : $288/monthly

Lot rent(sewer, trash, water): $390/monthly

Insurance: $50/monthly

Total due:$728/monthly

Cash flow: $422/monthly

Rent in my area goes for $1150 for a three bedroom. So what I am asking is it worth it? Do I need to get it appraised? Do I need to look for other insurance? Is it even legal for me to rent it out? I mean it’s technically mine.

I would like some insight or advice on this situation. I am newly investor and I have been studying and reading for the past year. The deal looked enticing at a first glance. Anything would help. Thanks.