Nice 2.2 acre lot with mobile home on foundation

[Katherine Thorndike]

I have not invested in any mobile homes but the town that I prefer to do the majority of my investments in is difficult to find properties and they go fast. (Lakes Region of New Hampshire) I looked at a nice lot yesterday in a good location. Beautiful trees, open areas, small brook on the edge, nice gardens and landscaping. It has an older mobile home, 1968, on a foundation with septic and fairly new drilled well 2008. private septic. Oil heat. 1 car garage built 1994. Older couple lived in the home for the majority of the time and took good care of the property but the mobile home has not been touched since 1968! Outside is fine, inside very dated. Metal roof and metal siding. A little damp in basement with spring melting. 704 sq feet 3 small bedrooms 1 bath

Purchase price list is $64,900. Taxes 1,072. Lots in the same area go for $50,000. Thinking I would rent the home and later may either sell or build a new home on the lot then sell. I would need to build a larger 3 bedroom 1 1/2 bath at least 1,000 sq ft to compare to other homes in the area that sell for under $200,000.

If I cleaned up and painted the inside of the mobile home, perhaps $2,000-4,000 repairs, I should be able to rent it for $800 per month. No utilities included.

Any advice?? This is a new one for me. Don't know what to offer as the well, garage, septic are pluses but is the mobile home a minus?