I purchased a rental property (Indianapolis) coming with an empty lot nearby. The neighbor who lives there told me that there was a house before on the lot and was fully damaged by fire and the house was demolished leaving only the lot. I am thinking what's the best use of that lot. The rent of SFH is $900 and the houses nearby are worth around 60k to 80k. I think it's not worth building a new house on the lot to collect rent. So I am thinking if I can put on a used mobile/manufactured home on the lot for rental because it should be much cheaper. Is this allowed and a reasonable solution? Need a permit? Expensive?
I guess the original empty lot should still have the place to connect electricity, gas, and water. But I have not checked out yet. Not sure if it's costly to reconnect the utilities. Or I can split the current rental property's utility into the mobile home?
A lot of questions, any suggestions are welcome! Thanks.