Advice wanted: unique rural investment property

[Elijah H.]

We have been looking for investment properties in our local rural area and found an interesting piece of property for sale.

It is a 7.5 acre lot with 1 manufactured home, 1 stick built home, and three mobile homes which are all currently occupied by long term tenants. There is also a horse barn and horse fields that could be rented out, a garage, and several small utility and storage sheds. There are also 2 wells and 3 septics total. There’s about $4500 of monthly revenue on the property with potential for more.

The asking price is $430,000 and the owner wants to make a cash sale.

There are multiple avenues of revenue on this property which makes us interested, but there are some legal and permit issues which have us concerned.

The property is not zoned to have the mobile units and stick home on it and so we wouldn’t be able to finance this property without losing the units. If we were to finance, it wouldn’t appraise for nearly the asking price of $430,000.

We don’t have the cash to buy outright but are considering whether we should inquire about owner financing.

We are curious if anyone on this forum has advice on whether this would be an unconventional but profitable investment or if it sounds like more trouble than it’s worth?

Thanks in advance