[Calc Review] Help me analyze this deal
I found a property that has two trailers on one piece of land. It is private property, so I wouldn’t be paying lot fees. Essentially, I would own the land and the trailers. The owner is asking $30k. I am “guessing” (haven’t seen the actual damage) that repairs would cost around $5k to one of the trailers. This is based off of the owners description and a few pictures of the inside which shows some beat up kitchen cabinets and some rough looking floors.
I would also need to purchase a Stove/Refrigerator For one of the units.
One unit is currently being rented. My plan is to live in the other unit for a year. I am then looking to move out of state and turn it over to a local management company and rent out both units until I make my money back. Then reevaluate if I want to keep it or sell.
Any advice? I am attracted to it because of the low risk involved with a <$40k investment. I have never owned a trailer so I am not sure exactly how this would differ from a regular multi family house.
View report
*This link comes directly from our calculators, based on information input by the member who posted.