Rental Mobile home deal (how good?)

[Andre Marques]

Hi, i am investing in my first rental property which i expected to be a forplex. But i can't quality for a loan that easily since i don't have green card.

Deal analysis:

So i can across a mobile home from 1976 at a trailer park. Its purchase price is $14,500 and 1000 sqft interior. The home is listed for 2 months and it failed to close once. Seller needs to move to warmee place due to a back problem, so she is distressed and she needs to sell soon.

I am aware that the older mobiles didn't have strong regulations when they were built. 

But this parricular property was very well maintained, and the floor, windows, heating was replaced. Has unflawless cabinets and bathtubs. The ceiling doesn't appear to have any defects from mold or other problems.

Highschools Schools are rated 8/10 and it's a safe area.

Lot rent is $450 and the rent can range from $800 to $1000. Lot rent included taxes, snow removal, garbage and water.

Knowing this, how good of a deal is this? Is this deal reasonable and allow me to gain learning experience and a step forward to financial freedom?

if i manage my own property, what kind of cashflow can i expect if doing a conservative extimate.

let's say $900 rent or $450 after lot rent. Minus $50 insurance, $50 vacancy, $100 capex, $50 repairs. Cashflow of $200? Or about 15% return cash on cash?

What am i missing?

what is the main key here to make this deal work or not?

is $14,500 a fair offer, or would you give a lower offer? Thanks 😊