A deal that generates such positive cash flows cannot have an unusually low IRR without a compelling explanation, even with a standard cap rate expansion assumption.

I work the Huntsville/Madison/Limestone area and I'm just getting into investing myself.

A - parts of Madison, downtown Huntsville, Five Points area, Hampton CoveB - most of Madison, southeast Huntsville, Jones Valley, C- research park, north of highway 72 around Jordan Lane, Athens/Limestone County (may move to B with Toyota/Mazda investment), Hartselle (small but growing), Harvest (along Highway 53)D - north Huntsville (north of oakwood ave), Southwest Huntsville (Hood Road, Patton Road), Decatur, Michael Avenue in MadisonF - Triana

That's the value of an agent who goes hard in the paint on due diligence.Now, an example of an agent thinking creatively and seeing a value-add opportunity that everyone else missed: There was a house that had been on the market for a long time, and the reason was obvious: it was only a 2 br 1 ba house, and the floorplan was very, very weird, so nobody wanted it...however, my agent spotted that the listing had unusually large Sq footage, so we went to check it out...10 minutes after walking into the house, my agent says "we can turn this loser into a winner".

She says there are some out-of-state investors that are starting to come in and build four Plexes in the area and that is unusual for this area.

I assume so  2)  a  heloc at 5.9%  rate  seems   unusually  low ..if this is  accurate - this is a  great rate 3) is the  $880 payment for the  heloc an interest  only payment or  is this a  full amortized  payment ? 

It would be unusual for someone to have a good application but a secret criminal background.If something doesn't seem right, I'll do a Google name search in the states they used to live in, a facebook search, or some other deep dive.

However, this would be unusual in today’s environment.Q: Finally, would local smaller banks and credit unions be a good place to cherry pick these kinds of notes to purchase, or do you have to do the direct mail, website marketing, drive-around deal like other strategies to find these mortgages?

My question is, is it unusual to get a comparative market analysis done before purchasing a mobile home? 

By "standard" I mean, middle income, typical expenses & savings account, nothing unusual (like a large inheritence or family real estate business).