Over the decades, "leaky air systems", bad plumbing, years of moisture causing rotting wood are "termite magnets" for older mobile homes.

Drop the price a little to get leads and improve the condition of the property to make sure it is clean and nice looking. 

Purchasing something that has room for improvements to increase value intrigues me as well.

It has the added benefit of improving the speed at which we can accumulate properties too since we're adding value.  

In year two, it may still be too high if you claim any purchase- or setup-related deductions during your first year income tax return (i.e. say you net $20K on the Airbnb property, but you claim $8-9K in depreciation and $10-12K in furnishing expenses; the tax record will reflect that you lost money when you in fact improved your cash position by $20K). 

Price - 235,000 - 3% from seller towards closingProperty Type - Multi FamilyYear Built - 1949Units - 4 unitsBed/Bath- 2 bed/1 bath per unitSqft - 500 per unit - 2000 totalRecent capital improvements-- 2018Unit 3: New fridge, window, vanity and toilet- 2017Unit 1: New deck, AC, washer and dryer, baseboard heaters,kitchen faucetUnit 2: New deck, AC, window, baseboard heatersUnit 3: New paint, carpet, trim, fixtures, baseboard heatersUpdated landscaping- 2016Unit 2: New fridge, stove, toilet, vanity, tiled shower, paintcarpet, trim, fixturesUnit 4: New tile flooring, bathroom sink faucet, kitchenfaucet, paint, trim, baseboard heaters, AC and fixturesNew roofHow I will be funding it?

@Patrick Reagan The age doesn't matter as much as how it's built, what it's been through (pests, weather, water, bad flashing etc), if it's been retrofitted or improved over the years and the condition of the material. 

Don't over improve the property.

I spent a lot of nights on an air mattress!

I did a cash out refinance on my house a few month ago to do some home improvements.