Small mobile home property

[Bill Doser]

Good morning everyone.

This is my first post here.  I'm new to real estate investing.  Financially speaking I've slept through most of my life so far. I found a small property with a few mobile homes on it. Here is the listing.

"Investors take a look! 3 mobile homes & garage sitting on 100x280 lot. Lot 2 is a 14x80, 1989 North River Fleetwood with 2 bedrooms, 2 baths & rents for $500 a month. Has dishwasher, central air, gas furnace, deck & covered porch. Lot 3 is a 14x80, 1989 Duke with 2 bedrooms, 2 baths & rents for $435 a month. Has central air, porch & deck. Lot 4 is a 12x70, 1976 Champion with 2 bedrooms, 1 bath & rents for $400 a month. Has 2 window air units, gas furnace, covered front stoop, deck & storage building. Each home has range less than 5 years old & refrigerator less than 4 years old. 16x30 garage with dividing wall used for storage or rented for $80 a month. Great income opportunity!"

The price on the property is listed at $69,500. It's been for sale on and off for quite a while. I'm assuming that there is something financially wrong with the property or it would have sold already. 

I'm going to call the number on the sign this afternoon.  I'd like some recommendations on what questions I should be asking.  I've never purchased a property like this before.

Thanks

[Greg H.]

1. The main issue with the property is the difficulty in obtaining financing as it will not meet any conventional type guidelines.  Most likely going to have to be a cash sale

2.  The mobile homes value themselves probably do not exceed $30000 total

3.  Land value ?  The area the property is located is not listed

This is a pure cashflow play as the value of the 3 MH and the land probably does not come close to $69,000.  Your exit strategy also must be considered.....Will this property appreciate ?  Probably not