Double wide for sale in great shape worth it for rental?

5 Replies

There is a double wide house for sale for $69,000 that is in EXCELLENT shape. Its in South western rural VA. it's 1500 square feet and sits on half an acre. It does not have central cooling but I figured if I had it installed it would be worth it. In my area I'm thinking I could get easily $800 a month rent for it but with central cooling installed maybe $1000? maybe a little more? anyways does this seem like a good deal? good price for what it is? Thanks!
Originally posted by @Benjamin Pifer :
There is a double wide house for sale for $69,000 that is in EXCELLENT shape. Its in South western rural VA. it's 1500 square feet and sits on half an acre. It does not have central cooling but I figured if I had it installed it would be worth it. In my area I'm thinking I could get easily $800 a month rent for it but with central cooling installed maybe $1000? maybe a little more? anyways does this seem like a good deal? good price for what it is? Thanks!

It depends on what year it was built and if there is elimination of title. Ask the bank if they lend on dublewides and they will tell what year their cutoff is. You need to know because once you own it, if you need to sell it needs to meet financing requirements or you will be looking at cash buyers only or owner financing to sell. If you are satisfied with the bank's answers (realizing things will change in the future) and the numbers work for you, then it is a go.

@Benjamin Pifer Depends on what the norm for renters are in the area. If people would rather rent with central air conditioning, you'll have to figure putting in a new unit which can be pricey. You may want to get a few bids from different contractors to get an idea. Hope that helps. If you'd like to learn more about finding and hiring contractors, I wrote a whole book on the subject which talks more about my experience hiring and working with contractors as a mobile home investor. Good luck!! 

I have a few mobile homes for rentals.  In my area, I definitely have found that mobile homes (even nice newer ones) attract a different class of prospective tenant than my stick built SFHs.  

Overall the cash flow can be really great. I have found that many fellow landlord's will not buy manufactured homes mainly because of their personal feelings rather than the numbers.

I agree, Gene. I feel like with good tenant screening you can get good enough renters who won't give you many problems (most of the time) and make good money off manufactured homes. my grandfather owns many and makes a great profit.