Have the opportunity to purchase 2 mobile homes for around 25K. Both in very good condition 2b-2ba. Single wide. Lot rent $275 includes property mgmt as well as water/trash. Property manager screens tenants. Nice MHP and well maintained. Will be paying cash. Should get $700 month rent minimum for each. Keeping 23% out for reserves still cash flows $428 month, over 20% Cash on Cash. Thoughts?
@Allen Smith I never owned a mobile home (Im considering buying one tough) but the numbers look very good. Are tenants in the homes already? Or do you need to do any repairs / updates to make them ready to rent?
If the home condition is ok and this is a decent area with demand for such homes, it seems to be a sure bet to me.
@Allen Smith Just make sure there is a market for a 2 bedroom in that area. Three bedrooms are easier to market unless you have more demand for two bedrooms. Also, check existing infrastructure including: roof, heating and air conditioning, hot water heater, flooring (sub floor), and plumbing. Usually, there will be some issues in some of these areas. Hope that helps!