First Deal Help

[Marjorie Florestal]

Hi everyone, I'm contemplating my first deal and my head is still swimming with numbers. I would appreciate perspective

My first concern is this is a manufactured home (on 10k sq ft lot), and my research indicates that is just more difficult to resell. My strategy is buy and hold, but its impossible to ignore resale potential

It's a REO at $180 k 3 bed 2 bath SFH with semi-finished basement. I would put down most of it in cash with a 60k loan for repairs. I'm not yet able to calculate repair costs with accuracy (still reading on that!) but it has been partially renovated. Would need one bathroom redone and both need new countertops, kitchen needs countertops, basement needs floors and some drywall. I'm purely guessing about 10-12k in repairs (roof and pipes seem fine). There is possibility of turning basement into a rental but still researching that -- would need bathroom and kitchenette, which obviously would raise repair costs.

I'd live in it for 1-2 years before renting out. Rents are about 1000 to 1300.

What am I missing?