Mobile home for a first rental
I have a friend looking to sell his mobile home. It's 23 years old and in good condition. Two bedroom, 1 full bath, and 1 half bath. Newer siding and skirting. Roof is 10 years old. In a great mobile home park. Lot rent is 190 a month. Owner of the mobile home park plans to raise lot rent to 200.00 a month in the next two years.
My buddy wants 9,000 for the mobile home. He purchased a house and no longer needs the mobile home. Taxes are 80.00 a year. Insurance is 25.00 a month. For a 4 year personal loan i'm looking. At 220.00ish a month.
Mobile home rent in my area is 550-600.00 a month. I was thinking 600.00 a month is fare.
It's minutes from the high school and grade school. 600.00 a month would give me around $145.00 a month profit after expenses.
Tenant would pay all utilities. Mobile home park owner takes care of snow plowing. I'd take care of mowing.
Would you do it to get your feet wet?
Suggestions please