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Updated over 5 years ago,
Add Mobile Homes or Build Multi-Family?
I just got a property under contract in Charleston, SC. The property consists of a duplex and three vacant lots (two are right next to each other, one is adjacent). My realtor has told me a bunch of options I can do w/ the land, anywhere from subdividing and putting upwards of 10 mobile homes on there (it would not be a mobile home park as each home would be on its own lot), selling the land separately, or putting more traditional multi-family buildings.
The surrounding neighborhood is a mix. On one side of the area, there is a chain link fence with a mobile home park on the other side of it. The rest of the area has a couple of duplexes and a 50+ unit apartment complex, which was recently purchased and improved by some outside investors. They've put a lot of work in to improve the place and kick out the bad tenants.
I haven't run any numbers, but I'm pretty confident that subdividing the lots and placing as many mobile homes on there as possible would be the most lucrative path for me. However, I kind of feel like the correct path I should take would be putting multi-family buildings (duplex, quads, maybe more) on there to keep the appearance and condition of the area up to par with the nice apartment complex.
I don't mean to speak poorly of mobile homes, mobile home parks, or the tenants that occupy them. It's more about the perception (whether it's warranted or not) and wanting to do what's right for the community.
I'm open to any other suggestions and advice. I've never built a multi-family building so some advice on that would be welcome as well.
Thanks!