Too Good to be True??? Seven Trailers and One House

[Aaron Thomas]

Whats up everyone! First post here on BP, but I've been lurking around the forums and listening to the podcast for a while now.

I'm still looking for my first deal, and I came across a property that I find VERY interesting. Almost too good to be true. So, I'm wondering if I'm missing something.

Property Facts:

Asking price $165,000 (Initial offer would be ~$130,000
1 House - 1600sqft - no rental history - in good shape but wallpaper everything

7 Single Wide trailers - 6 of them are currently being rented at $485/month

3 additional lots for single wide trailers 


I have no idea what the condition of the trailers is yet, working on getting a walk through of the property. Based on craigslist and zillow comps, the house should be able to rent for $800-$1000/month. Trailers in this area typically rent for $400-$600/month. 

So, when you run the numbers for full occupancy you get roughly:

 $800 + $485x5 + $450x2 = $4125/month

mortgage + expenses somewhere around $1500/month

This deal seems like a no brainer with current renters and rental history. Could easily add 3 more trailers on the open lots for another $1500/month for a total income of $5625 and only add another $400/month to the mortgage.

Am I missing something???