Mobile home value /Real Estate Contract /LOI opportunity

[Annie Irizari]

Where do I go to find or obtain current value of a mobile home, to be specific its a 1999 Harbor mobile home 32'x80'. What's the lifespan of a mobile home - 30  yrs?, which would put this at 2029 then it's a tear down at this point rebuild something else on the property. I may have an opportunity to buy the SF mobile home(4bd, 2ba,2240 sf on 0.5 acres near Albuquerque NM). Tenant in home. I'd like to run this by another person with more expertise than me in this forum. So let me paint the big picture and some known details so far.... 

(1)The REC rolled over/transferred to 2 different people improperly. How it was handled is messy, poor docs, potential fraud from owner forging end buyer signature without consent, no paydown financial logs(amortiz table) on the REC since there was no escrow company involved so the payments were going in direct to seller account who was not paying property taxes and the tenant is getting burned on this deal.

(2)The contract almost non existent or sketchy at best. No financial record paydown since there was no escrow company to manage all payments appropriately, which will have to be audited. The home is paid off. 

(3) There are back taxes $9100 estim. I checked with county records.  

(4) I'm thinking opportunity to buy a deal and keep renting it to same tenant already in home. I'm trying to see what the value of the mobile home only, as another leveraging point - mobile homes depreciate so it isn't worth what the owners think they can get out of it all things considered - back taxes, mobile home depreciation, etc. The comps indicate MAO maybe $115k at best, owner asking $175k...

(5) I'm thinking of structuring an LOI with contingencies - comps, inspection (mobile homes could have termites), funding, back taxes paid off, audit of REC amortiz paydown

(6) Tenant reached out to me for help via an investor network I belong in. Tenant  didn't know how RECs worked and I was the first person and only person who shared my REC experience and knowledge. Tenant is caring for an elderly mother and they have no credit or assets, so I'm trying to at least help while at the same time maybe get a deal out of helping someone that works for all. 

(7) Any additional thoughts??? I'm open to a phone call, email or text, appreciate any help/advise on this.(8four7 3one2 8four45). Thanks.Annie