Running the Numbers correctly

[Celestino Moreno]

I have a lead (3bd, 2bth, 1104sqft) that I'm going to drive an hour and a half sometime tomorrow to see, the owner is really motivated. My question is, do you think it's a good property to get under contract because he owes 185k on the property and thats what he's asking for, but he lives in the hill sides and there is only 2 properties next to him that sold for 293k-306k . The property is in good condition the only downside is that there's a landslide that happened next to it, that needs to get cleaned up. 

Also Zillow zetstimate says it goes for 173k.

It's a mobil home. 

He also said he got it apprised a couple of months ago, and that its worth 260k

Reason for selling it, he is old and wants to leave the state to live with his family and doesn't want to stress over the home 

median home price for the are is 437k, but idk if it applies to these homes since they are 

[Celestino Moreno]

Quote from @Adrian Smude:

Quote from @Celestino Moreno:

I have a lead (3bd, 2bth, 1104sqft) that I'm going to drive an hour and a half sometime tomorrow to see, the owner is really motivated. My question is, do you think it's a good property to get under contract because he owes 185k on the property and thats what he's asking for, but he lives in the hill sides and there is only 2 properties next to him that sold for 293k-306k . The property is in good condition the only downside is that there's a landslide that happened next to it, that needs to get cleaned up. 

Also Zillow zetstimate says it goes for 173k.

It's a mobil home. 

He also said he got it apprised a couple of months ago, and that its worth 260k

Reason for selling it, he is old and wants to leave the state to live with his family and doesn't want to stress over the home 

median home price for the are is 437k, but idk if it applies to these homes since they are 

 From what you’re saying it’s a deal for a fix & flip assuming it’s a new mobile home. What year is it? 

I’d recommend checking with local community banks and credit unions for what their qualifications are for bank loans for mobile homes so you can estimate your repairs properly if you are fix & flipping. 

if you plan to keep it as a rental what will it rent for?. Then run your numbers to see what your ROI would be and decide if that's an acceptable return for you n

 I'm trying to wholesale it, the year is 1995. Okay, I'll make sure to reach out to the local union and banks right now since I'm meeting him in a couple of hours. Unless I conclude that this investment doesn't look right.