Double-wide durability
I live in an area where there are a lot of double-wide trailers on their own land. Monthly rental income from DWs are close to similar sized duplexes and town homes. I've got an opportunity to purchase a 1995 DW on just under 2 acres of land:
Asking price $19,900
Monthly rents $600-650
Rehab costs $15,000-20,000
I like the numbers, but I'm concerned that putting that kind of rehab money into a DW will be hard to justify if it needs another major rehab in 5-10 years. Has anybody done a similar rehab to rent and hold deal on a DW?
This will be my first deal. I don't have a ton of capital to work with and I'm wondering if it would be better to hold off until a similar DW becomes available that is either newer or just in better condition. I'm open to any suggestions/strategies.