@Starr Ango don't forget when you buy and hold you need a capital reserve to repair the roof, replace the hot water heater etc as things come up.  

At this point I have spent about twice as much as originally intended (spent approx 9k), which is worse if I consider that the mobile home will be of no value to any buyer.The rental market in my area is very, very hot and there is absolutely no problem to rent the place as is.

Example: Hot water heater, warranty by manufacture, installed by Mike's Plumbing, 9/12/14, 555-345-6789.

I can't speak to setting something beyond hot to the touch on the counters.

If you are planning on doing buy and hold check out craigslist or hot pads for what rents are in your area, what amenities warrant higher rents, ect.  

If a water heater goes out on a Saturday evening and you have to get one installed on Sunday in the middle of winter so they can have hot water you need to have enough in escrow to cover this. 

Hello BP, I have a 2 story corner lot home it is a 3bed 1bath, full basement and hardwood floors, central air, fenced yard and 1 car garage.

I think anything on this would take more than that also, but it looks like potentially a lot of upside to me, even without market increases in this red-hot area..

List it with an agent if its a hot deal it will sell. put it on craigslist...

Get ready for the wild ride of the Houston hot market.