A big factor for this approach was that we were heading in the housing bubble and the numbers no longer seemed to make sense to us so we stopped buying.  

I can tell you that the office building is the most work by a factor of 10.  

Until you factor in opportunity costs as you'd have to pass on potentially great deals because you've tied up your cash in 1 deal.

@Joel M.The key isn't just that its a 30k home - its what other important factors are specific to the property to make it a decent deal or not.

@Davide Pascucci the beauty of it is.

So I imagine that factors into your calculations.

Hello I am Darlene, live in beautiful Northern California.   

While the first cost to get in mobiles may be lower, the longer term numbers may not be as impressive factoring in appreciation.

If you factor in closing costs it might be 3 years to start showing your benefits of a refi

I guess this brings up a larger economic/philosophical issue: What happens to these beautiful brick homes and distressed communities when the costs to renovate exceed the current opinion of ARV?