Buying mobile home and renting land

[Nathan Cain]

Hi guys,

I have an opportunity to buy my first investment property for only $17k. It is a 1989 mobile home that is currently rented for $900 a month. $250 of that is going to the owner of the land. 

Questions:

1) At a low total price like that, should I be concerned about the market value of the home or be more concerned about how much it is worth to me due to the cash flow? 

2) How can I figure either of the above mentioned values?

3) Do you have any other advice to help me make a success of this (or perhaps avoid this deal)? 

[Logan M.]

I agree with @Rachel H. a lot of short term opportunities turn into long term problems.