Help! Should I Buy…...

[Angie Y.]

Hello, I am wanting some feedback on 2/1 rentals- particularly one I am considering buying.  The home I currently have a all cash offer on is a 2/1 in a busy city 20 miles from Seattle, Washington.  50/50 mix of white collar-blue collar workers and lots of job opportunities.  Property is a 890 sf manufactured home on a private city lot (I would own the lot) in a planned manufactured home community (not a trailer park-just a planned community).  The home is an older non financeable, very cute single wide with a nice kitchen and large living room.  The issues I am having is that only about half the homes in their community look nice so I am concerned about the type of renter I would attract based on it being a manufactured single wide, small and in a 'trailer park'.  Definitely the community is on the up swing and there are two investors heavily working the area but they have purchased their investments at one half to 2/3rds what I would have to pay for this latest listing.   One has seven or eight homes here and the other has 12 and also placed an offer on this home but they are all 2/2 or 3/2's.  Some have yarded on newer homes so increase their rents. There are only about 105 homes total and most owned by seniors. Cost for this home is 82,000.00 turn key but would be top of the market for this community, surprisingly enough since there is nothing in the Seattle metro you can buy at these prices other than here. Not a gang banger area and crime rate is low to moderate- decent middle and high school and close shopping, access to major freeways, etc.  Will rent for between 900-950.00 per month.  Thoughts?

[Angie Y.]

Also, I know the area to be generally safe and I would live in this cute little home but then I don't have a lot of ego about this.  We have had many rentals in the past, some manufactured, some stick built and let them all go due to leaving an area and not wanting to deal with rentals and are coming back to this but can only afford three maybe four this go around so good tenants are key to our goals.  Am I over thinking this?  Too stuck on the price other investors have paid recently?  Not confident in attracting good tenants or am being wise to ask 'who would rent this and why?'.  Apartments of the same size in the area rent for around $1100.00 with a few amenities such as outdoor pool, playground area- higher rents if their is a fitness room.