First, we need a bust to occur so there is something to recover from.So in the mean time, I think people buying for cash flow and getting hefty returns in markets with improving employment, growing population, and low vacancy are probably making a smart move.  

Lender may require more to strengthen the loan profile.

A lot of the stuff in Phoenix was bought, 1 or 2 years ago, no improvements were made, and now they are trying to sell for $50-60,000 more than they paid.

I took a look at your profile and I congratulate you on a bold move.

;-)   http://www.myfourseasonspainting.com/Dexter Tillis of Little Business Home Improvement is my favorite handyman - http://www.lbimprove.com/

They don't have to right to expect you to improve it.

Based on your location in your profile, ANYTHING in the bed/bath range that you provided is a steal at 177k (from what I understand of the markets up there, that is).

However, since it's mobile, you can rent them out, and develop a Self-Storage Facility WITHOUT having to pay property Taxes - Because the units are mobile, not "permanent improvements"! 

@Leigh Ann SmithProperty values for this year are already set so 92K will be the value for 2015Property values are based on the condition of the property on Jan 1 so if you bought now and renovated prior to Jan 1 2016 you could very well be valued on the improved value. 

Does anyone know how to change your company logo on your company profile?