Older Manufactured home Great idea or bad rental?

[Luke Jones]

I found an old but still fairly nice manufactured/mobile home that is greatly underappreciated and am wondering yalls opinion? It's in a college town so renting it out shouldn't ever be too hard. Rent right now is about 20% below market value. The asking price is also about 20-30% below market price. The cap rate looks to be right around 7% with my cash on cash return around 13-15%  but there is one catch. It was built in 1975 and banks wont touch it because of that... I have found an investors who will pay 80% of the purchase price. I know the market is at a high right now and am worried that if I want to sell it in 3-7 I will have a very hard time selling it and even lose money (just comparing the buy to the sell).

P.s. this will be my first rental property and just want some words of advice. 

Thanks in advance