@Robert MolloySounds spot on or cheap actually.

I am 24 years old and I am interested in getting invested in rental properties, my plan is to use an FHA loan to buy a single family home. i will get roommates to help cover the mortgage and save up until I can buy the next property and so on. it's been kind of stressful trying to find a good spot, especially in this current market. 

@Chelle Knijnenburg white coat investor is the spot you need to go.  

.- It's a double wide trailer on blocks that need to be leveled- There are a lot of soft spots in the floor that makes me feel like I'll have to replace the plywood before I can even do the floors.- The front and back porches have these makeshift awnings over them, the front one is sagging down, and both of them have nails sticking down from the shingles because the awnings are little more than plywood.- The back deck has also started to rot out where the steps are that lead down into the back yard, so at least half of the deck would need to be completely replaced.- According to the realtor, the roof on the front half of the house was replaced in the past few years but the back half was not.- There is water damage on the ceiling in one room (back side of the house) and it has mold on it.- I need to replace every appliance in the house.Minor issues:- There is a few landscaping things that need to be taken care of like overgrown bushes- There is a chain link fence that runs around the back yard with a wooden privacy fence next to it.

Purchase price: $300,000 Cash invested: $60,000 Gorgeous updated and fully remodeled condo in the heart of Costa Mesa.

Also do you know the time on market for comps of this quality of mobile home at that price point.Because as Jay said, these are junkers.And why 1 acre, why not 1/3 acre for less (lower price each for junker buyers) and more inventory (look at Fed Taxes re Inventory, 1031 etc....).What is the sweet spot price wise where junkers are selling fastest?

With you paying for lunch I would also pick a spot very close to his location.  

I am trying not to get emotionally attached to this deal and operate from a logical place, but this place is gorgeous and just MIGHT be a giant leap forward in my RE investing portfolio.Any sage wisdom or ideas I have thought of are gladly welcome.

My own experience shows that in some cases Zillow is spot on, in other cases they may have used a monkey throwing darts at numbers and selecting one.Your example makes sense in planned communities where many homes are alike.

Over time you will get long term tenants and the money will come in every month as it should.Isaac has done great advice and he is spot on.