1.15 acre with 5 lots for mobile homes
Found a 1.15 acre lot with five lots. The property is clear now, but it once had 3 mobiles on it. The seller wants $31.5K for the property, but would probably take $25K cash. Lots could sell individually for around $8K. I'm thinking of gradually putting and renting 5 new single wides on the land then renting them out. Rents around that market are about $650 a month. Impact fees are paid already. There's 5 separate septics and one well for water.
Thoughts on this deal?