Potential Mobile Home Deal

[Michael Alston]

My wife and I are looking to make our first REI. Our mother-in- law is getting there up in age (64) and owns a mobile home. We plan to have her move with us in the next year or so. So we have made her an offer to buy her mobile home through payments for the next year. On my salary we can afford $1K per month for any REI's and plan to use those funds for the next year for her mobile home. So we are looking to invest around $600-$700 a month into repairs. We haven't received a quote on the cost of repairs but with no major repairs we think $10K would be able to get it in top notch shape. We eventually want to sale the home and would like advice on the thought of this. Right now mobile homes in the area are going for around 21K. With the cost of the mobile home and repairs we are looking at about a 50% ROI give or take. So what do you think of this deal? We pretty much know someone that can do the work for each repair needed by the way. Sorry, I'm still getting used to the forum thing so please excuse my grammar. -Michael