First time investment- 4 unit mini MHP
I have an opportunity to purchase a piece of land that has four mobile homes on it, all single wide. Each unit is metered & the tenants pay electricity, heat/gas & trash collection. Owner pays water, which is sourced from a well.
Performing the analysis, based on the list price, the cash flow is $340 /mo. This accounts for 10% each in vacancy, CapEx, management & repairs. I haven't toured the property yet to understand what repairs may be needed.
My question to you guys - am I able to perform my analysis the same way on a 4 unit mobile home property as I would a SFH or a MFH, or will I be missing a critical piece of information. I am effectively just using the rental property calculator.
This would be my first investment, I’ve been scouting and analyzing properties for several months, this is the first in my area that actually comes out positive without having to reduce the purchase price significantly. I really want to get my feet wet, but I am unsure if this type of property is a good one for a first time investor.
I appreciate your feedback,