Mobile Homes (4 and an acre)
Hi all,
I came across a property that has 4 mobile homes on a little over an acre of land. The property is about 5 miles from a more populated town but still in a rural area of NC. The background is that it was purchased by a contractor in foreclosure. Most of the mobile homes were in terrible condition. Records show that it was purchased for around $25k and after a total rehab on all of them, all are now rented at $125 per week. The rehab included new bathrooms, kitchens, floors, and appliances. (They actually look new on the inside). The property was originally listed at $135k in September of 2017 and has dropped in price around every thirty days to $99.9k today. I talked with the realtor and they stated they had had several full offers but it is hard to finance since there are no titles for the mobile homes. What are your thoughts on the property? Is it worth the $99.9k if I could get it financed? Any recommendations/comments are appreciated!