This would leave you about $7000 for emergency / taxes fund (over 2 – 3 years)versus : 1 purchase for $20,000 and $5000 emergency fundThis what a co-worker of mines did and now their up to about 4 /5 properties over 3 year span.

It is rare that multi-family brokers span all over the midwest, except for the largest transactions. 

I researched factors such as foundation plumbing utilities etc but I'm wondering if it's worth buying the land and plotting numerous manufactured homes in a 10 year span slowly renting or selling them piece by piece 

Account Closed  too funny and great points.. me my attention span would not allow it..

@Mansoor Fazel Only because you mentioned "KS" twice, be aware that Kansas City spans across state lines.

If a lender charges 14% interest, that would be a $700 extra interest that you have paid them for a money that you have not used during rehab phase.Imagine if its higher interest or the rehab spans across 3-6 months or the rehab cost is 30-50K ….

(assume all your misc expenses remain the same - cable, elec, water, swedish fish).Also, if you live there, I believe you lose a portion of the depreciation from the building as well as the ability to expense a portion of any CapEx that spans the entire home (roof, slab, etc.) due to a % of the building being your home.Correct?

Life span average 12.5 years (my range was 10 to 15 years so middle was 12.5).  1200 (price)/150 (expected lifespan in months) = $8/month.Do the same for you HVAC: Your cost $15K. 

Are they at the end of their life span?

Other profit centers (mortgage paydown, appreciation which may be negative in your case, cash flow over the full life, and tax benefits) ... project them all out using long term average historic appreciation rates (CAGR over decades spanning multiple RE cycles, for both rents and prices) for that hood and compute IRR ... this will give you a much more complete and realistic picture of how the investment is most likely to perform.This is the analytical framework for how to assess the financials ... the important underlying question though is why are prices so depressed and not keeping up with inflation?