What to do with this Trailer?
I own a small mobile home park. It has 5 trailers on it, 1 of which came with the park and has been vacant for 5-7 years. The trailer was legally purchased for $1. Rents for a single wide are $435/month and includes water but nothing else.
Option 1) Fix the trailer and rent it out. I believe that I could get around $550/month for a 1 apartment. 1 bedroom units in the city rent for around $650-700 so I have applied a discount to live in an urban trailer park.
Total cost to renovate will be around 10-12k as it needs a lot of work.
Option 2) Sell it cheap or even give it away. I will immediately collect $435/month and won't have to worry about repairs. I think I could offer to seller finance some repairs at a reasonable interest rate. I'm really interested in the rent more than the interest on any repairs.
Your thoughts?