Acres & Trailers

[Liz Lynn]

Hey all! I am under contract for a property at 295k for a 1977 3b2b, 1984 2b1b, a double storage shed, and a covered double car port on 4.25 acres of unrestricted land. Is this as good of a deal as I am thinking? I am seeing about 20k per an acre is average in the area but am finding it is more difficult to find unrestricted land with utilities set up that are still under/around 300k. I am looking to live here and eventually house hack so as this opportunity already has 2 trailers it seems like a great fit for me. 

Everything is going smoothly and quickly, I got the capital and its under contract. The funding situation seems somewhat odd to me, but I don't know how it works normally either. I had a hard time finding a lender that would lend on this due to the two dwellings for one loan, but the realtor suggested Southwest Funding. They said they can lend conventional 30yr with 7.5-8% interest and a few upfront points if it appraises for enough and I have 25% down. 

I don't really know how to even go about valuing land or trailers so I just thought I'd ask and see what y'all think and how one would go about analyzing a deal like this.

 TIA!

[Kristine Ann]

Quote from @Liz Lynn:

If you under contract and are getting a loan, just wait for the assessment to come back.  Yes, it's possible for an aging mobile home to be worth less than 40k.  It can cost 3-5K to get those hauled away.  And they start at about 110k new. 

I agree with @Rachel H. that the value is the utilities already on the land.