How Much are Mobile Homes Going for In Your Area

Question

Hello All-we have considered putting a mobile home under a wholesale contract in Hutchinson, MN. The home is owner occupied and not in need of major repairs. It appraised for 40k. They're asking 38. We don't see the wholesale opportunity but are out of state and don't know the area.  How much does a newly renovated mobile home go for in Hutchinson, MN?

Rachel H. · Answer

@T Davis It's hard to say as the mobile home investing business is local like any real estate asset class. Though, it's very hard to verify numbers and market values online alone. Usually, you have to network with others in the area such as park managers and owners, mobile home dealerships, real estate agents familiar with mobile homes, and contractors who work on mobile homes to name a few.

Perhaps someone on here can answer who has done business in the area. You may want to make a few phone calls to local mobile home dealerships and mobile home parks to see if you can get some insight on the market and the values of what has sold in the area.

Best of luck with the deal!

T Davis · Answer

My update to the question doesn't seem to be posting.  I wrote this post while I was half asleep so thank you so much for the response! 3 Bedroom. 2 Bath. 1232 square feet. Storage and deck. Roof less than 10 years old. Comps are difficult to find but owners let us know a home in their park sold for 38.5 in October with no storage and deck.

J Zev J. · Answer

@T Davis - You'll probably want to give more information to get a better response. What year is the mobile home you're looking at? How many bedrooms, baths, etc? The more info you give the better info you'll get.