Foreclosed Ranch Single Wide- Looking for Advice Please

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Hi all,

Could you please give me your thoughts on this property as I am a first time investor and worried about starting out with a property that is not a wise investment. I am also a first time home buyer and would probably be financing through FHA with 3.5% down or conventional with 5% down and live in the property for a year and then try to rent it out for cashflow.

The property is listed for $140,000 and includes the land.  It is on a permanent foundation so I would be able to get financing.  The property is a Ranch style single wide with a purged title.  I never thought I would be looking into a mobile home but the area I live is getting pricey and this is one of the few places that I qualify for withing the area.  It is about 18 minutes from downtown Durango and there is a pretty good rental market in the area.  I have asked around and think I could get about $1300 a month to rent it out with the tenant paying utilities.  I have run the numbers through the calculators here on the site and the cashflow doesn't seem real large and I wanted some other investors thoughts.  The house is in pretty good shape and would need minimal work in order to bring it to rental standards- just some patches and paint.   I realize mobile homes do not appreciate however the property history shows that this property last sold three years ago for $190,000.

I also am trying to figure out if after a year when I start to rent out the place would I be able to purchase another house (if I save up for a downpayment) with FHA again or a low down conventional loan or if these programs are for first time home buyers?

Please advise 

Thank you