Investing/Flipping Manufactured home. Good or bad idea?
Hello BP,
While still searching for my first rehab project. I received a call from a home owner (Via Direct Mail) who is interested in selling. The thing is, is that it's a "Manufactured home" basically a mobile home that cannot be moved. Talking it over with my partner I've been told that investing in this type of property, 1) it would be hard to get funding 2) it's difficult to get comps for the property. I don't know much about this part of investing which is why I'm coming to BP for insight.
Would flipping a manufactured home be a good idea for a first flip?
If it's true that getting comps for these type of properties would be difficult, how would I find comps to get a proper ARV?
What would an experienced rehabber/investor suggest?
How difficult would it be to get funding for this type of home?
The property was inherited in 2014 & sold to a bank for 100k.
March 2016 sold for 77k to the current owner.
Current asking price is 90k.
Info on the property:
Built 1980
Property Land Area: 19,807 SF
Detached 2 car garage
3 Bed 2 full bath - 1 story
Vacant for at least 4-5 years
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My initial thought was to rehab this property for a buy & hold investor.
Rehab the home to get it rent ready.
Possibly turn the 2 car garage into some type of a rental unit
Finally, place another manufactured rental unit on the open space of the property if possible
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I've seen this property in person multiple times. my aunt has an SFR directly on this street, that's mixed with split level & standard unit properties.
As I stated before I don't know if this would be a good project to start with, what I do know is this is an investment property that hasn't been occupied for at least 5 years, needs a nice rehab & has potential.
Advice is definitely needed
**These pictures are a little outdated from google maps**
**These are the current photos of the property**