The house is solid structurally and in a great area that I expect to appreciate, but I need to replace plumbing, electrical, add a bathroom, and paint the entire house inside and outside. 

For our electrical one the inspection was filed and it's was a month before they came out we inquired about it and they said we had to expedite it and pay additional fees.  

Right now, we have window units and electric baseboards for heat.

I’m considering a 1031 exchange and would like feedback from investors who have experience with mobile home parks, particularly smaller, park-owned operations.Current Property (Selling):Duplex purchased in 2021 for approximately $145,000; estimated current value around $210,000\Loan balance: about $90,000Gross rent: $2,400 per monthNOI: approximately $16,000–$18,000 annuallyCash flow after mortgage: around $750–800 per monthLow management requirements and stable tenantsReplacement Property (Under Consideration):Seven-unit mobile home parkAsking price: $395,000Rent: $750 per unit plus $40 for water (total $5,530 per month; $66,360 annually)100% occupied with long-term tenants, several in place four to five yearsAll homes are park-owned, purchased between 2016–2018 with metal roofs and Hardie sidingOwner pays water and sewer (aerobic septic); tenants pay electric and trashMaintenance handled by one individual for $400 per month using personal equipmentGravel road, well maintained; potential to add one or two additional homesMy Pro Forma:Vacancy: 5%Expenses: approximately 40% of effective gross income (includes water, insurance, taxes, maintenance, mowing, etc.)Estimated NOI: $37,800Financing assumption: $255,000 loan at 8% interest, 25-year termAnnual debt service: approximately $23,574Projected cash flow: about $14,250 annually ($1,188 per month)Cap rate: approximately 9.6%Cash-on-cash return: around 10% on $140,000 downDSCR: 1.6 (strong coverage)If the price can be negotiated to the $360,000–$370,000 range, the cash-on-cash return improves to roughly 11–12%.Pros:Consistent, well-maintained units with matching exteriors.

Electrical: Another important consideration is the electrical and plumbing systems.

Life-safety and habitability issues (like plumbing leaks, HVAC, or electrical hazards) are usually handled immediately, but make sure your management agreement defines those clearly.

So, give them money to move.Bought for $157,100.38 ****** ARV$245,000.005 bed 3 bath – Phoenix AZThese are the numbers from the HUD statementBought for $157,100.38 ****ARV$245,000.00Existing Loan Amt Payoff $118,145.37*Subject To$118,145.37****Closing Costs From HUDTitle$1,045.00Escrow$1,400.00County Taxes$538.38Recording Fee$120.00Cash to seller$10,000.00Misc other charges$525.00Total Amount Due $$13,628.38***Arrears To Bring Account DueTotal Number of Missed Payments:11Total Payment Amount$10,095.47Unpaid Late Charges$146.84Additional Amounts:Foreclosure Fee/Cost$354.19Unpaid Advance Bal$1,101.75Total Amount Due $$11,698.25***FHA Loan Mod 2nd$11,582.44***My Out of Pocket$36,909.07***Total Cost Basis of Purchase$155,054.44ARV (After Repair Value)$245,000.00Repairs Post Purchase$ 5,000.00 +/-Unrealized Profit$84,945.56***Equity (ARV minus Subject To payoff)$126,854.63***I strongly recommend having 3 months reserves as follows:Monthly Mortgage$917.77(Taxes included)Electric Monthly$362.21Water & Sewer Monthly$102.80HOA – None$0Reserves3 months mortgage payments @ $917.77 per month = $2,753.313 months Electric payments @ $362.21 per month = $1,086.633 months Water payments @ $102.80 per month = $ 308.40 Minmum Reserves Total $4,148.34Then I turned around and sold it on a Lease Option for $265,000 getting $20,000 down on a nonrefundable Option fee, and rent of $1,900 a month.

On costs, price by scope, not sqft: verify utilities, septic, HVAC, electrical, insulation, and certificate of occupancy needs; require two fixed‑bid GC quotes tied to a detailed scope.

For us, it's worked out to have an in-house maintenance team for general repairs and emergencies, and use vendors for specialty jobs or those that require licensure like electrical work and appliances.

Your feedback is really shaping what I build next.Quick question - when you track renovation costs, do you prefer breaking it down by room (kitchen, bathroom, etc.) or by trade (plumbing, electrical, etc.)?