I think I found my first deal— seeking advice from folks here!

[Tyler Ruff]

Okay. I read Brandon Turners book on rental property investing. I've been scanning zillow and zillow rentals for starters and using the "50% test" to quickly rule things out. In Utah right now prices are kinda crazy and nothing seems like it will cashflow on day 1, even using a "30% test". Here's what I found:

• Mobile home listed for $45k. 3beds, 2bath, 924 sqft.
• I can see similarly sized APARTMENTS and HOUSES in the surrounding blocks listed for rent at around $1k/month— but no other MOBILE HOMES for rent. Maybe there's a reason?
• Planning to put 20% down, making the mortgage $36k, bringing the payment to $200/month
• Home was built in 1984. Listing says new roof and appliances and "owner will provide a flooring allowance". Shed and all contents are included (lawn mower, yard equipment, etc)
• Been owned by the same guy for 20 years. Says he's not open to seller financing :(
• Using the "50% test" described in Brandon's book, that makes for half the rent being saved for all expenses.

So, check my rough math? what am I missing? 

• $700/month, all expenses paid
• Rent for $1,000 means $300 cashflow on day 1, right? Wrong?

Thanks in advance for looking and for your advice!

[Steve Vaughan]

Has the title been eliminated?  Meaning it and the land are combined as real property?

Or is it trailer only with lot rent to pay?  How old is it?

I've had a few mobiles in parks and a couple with land.  I either sell and carry the paper or rent with an option to buy.  Mobiles are a lot of work to maintain as long term rentals in my experience. Chinzy fixtures and the particle board floors get soft.