In many places if you are not opening up walls in that space you don't have to bring that up to modern codes.

Your mind is in the right value add space but this isnt a deal. 

But, if any of the units are used as commercial space, you may need to structure the loan on a Mixed-Use DSCR loan which could affect pricing. 

Hopefully all of your residents are feeling merry.While Santa does need to give 24 hours notice before going down a chimney into a resident's space, does he have any plans to leave a present at your properties?

I was at a live tax deed auction once and the last property up for bid was a dilapidated 70s era mobile home on a leased space in MH park. 

Unless you have experience in the MTR space, or want to invest your time into learning, you are better off renting to a long term tenants.

Do you think they would do all that for a crappy 1k...lol They make no money renting out spaces and having employees.

Just some observations as I don't work in this space.

Someone has a gas stove and the new rental only has electricity; someone has a 33 in fridge and only a 30 in fridge fits; counter space is cut for slide in, not drop in; etc.

This amounts to lost opportunity because if you had purchased RE, at the closing it can start producing return. 5) ADUs detract from the existing structure whether this is privacy, a garage, or just yard space. 6) this is related to number 1, but there are many more buyers looking to purchase homes for their family than there are RE investors looking to purchase small unit count properties.