Updated over 1 year ago on .
Manufactured Duplex New Construction
I am looking at gathering Investors to do a new construction in Lake Elsinore CA. But I also have questions to see if anyone thinks this is a solid deal and what they expect to see as appreciation with these manufactured homes on land not in a park. I also am struggling to find investor loans for this type of build. OTC loans are great but I dont plan on living in one of the units.
For the basics I'm looking at a half acre of land for 150k
Duplex Manu 3/2 1900 sqft per side 230K
Construction is roughly 150k
The rent minimum i would expect is 2500 per side and could probably stretch it a little because of the amount of land they would have access to. In the future i can also build more since it is zoned up to 5 homes and allows for manufactured homes.
The other key to this property is it has city water and sewer at the lot lines which would obviously be cheaper than well and septic + has electrical just next door.