Now, with low low interest rates on new loans, they’ve become somewhat obsolete, except in very specific situations

These include obsolete nursing homes, marinas, small theme parks, coal mines, small airports, and of course event centers.  

There’s just about zero discount given for homes with bad layouts, old hvac/plumbing, or aged patios/driveways/roofs/or obsolete windows. 

Bunnies: Wife opened a business and contractor “stole 35K.” 7 month delay that made inventory investment obsolete for right now, so buying more inventory.

Many if not most are simply obsolete housing and money pits in the wrong hands.

The place was 100% functionally obsolete. 

Cadmium was used very briefly and on a small scale years ago but that type of panel is obsolete.

They basically demand a solid paper trail showing that the HELOC (or any other) funds were used for this business and for nothing else.Your mention of $100k makes me slightly suspicious that you've been looking at the now obsolete option of deducting a $100k HELOC as a personal itemized deduction.

As far as the information I presented, I'm not sure why one sold for 95k, and the other 220+k this is exact market comps off of the MLS , see for yourself. http://imageshack.us/f/810/4535m.jpg/I don't see the $95K property listed on that image, but my guess is that it was much smaller, much older, in much worse condition, wasn't a retail market sale (REO/Short-Sale), was functionally obsolete, was in a much less desirable location and/or some other combination of reasons that make the two properties very different in terms of desirability.Sometimes you need to look at pictures, map out the properties, drive by them, see who the seller was the situation the seller was in, etc, to get an idea of which properties are good comps and which properties are bad comps.But, in general, if one property sold for less than 40% of another, they are almost certainly not comparable.

Is it functionally obsolete or will it work as a modern home.