You may end up with a fully paid off parcel that can be redeveloped into something much more valuable, or a home that can be updated and sold for a handy profit.I'd recommend looking for other similarly priced rentals in your area and checking out the competition.

You DEFINITELY want to try to buy this park as that will give you a 52 space park when you combine them -- that's far more valuable than a 30 and a 22 separately.

Besides, while you may be making money on the deal, your experience in obtaining leads and making deals happen is far more valuable than the dollars you'll make on the deal and can help you for the rest of your investing career.

Now compare this loan quote with a quote on a refinance at the current balance (without dropping $46k of valuable cash into the deal). 

Your comments are valuable!

This is a great example of why BP is such a valuable resource. 

@Brady Salcido it is not hard to generate an Austin MSA search for homes under $250k and get your results, but knowing if a home in that area aligns with your specific REI goals is far more valuable information.  

In an older home, a full gut where plumbing Electrical and HVAC are all replaced would be more valuable than the same house with a quick remodel leaving the important behind the wall systems in place.

As a bonus, once you're set up with an MLS portal you can do your own searches and glean a lot of valuable information.I'd be happy to recommend lenders and set you up with a search for Austin, or if you're more interested in other markets, I have agent contacts in all the major Texas markets.

I'm not sure how valuable my opinion is in this space, as I have near-zero experience here (I've looked at a few deals offered to me, and didn't have the ability at the time to devote the time necessary to fully understanding them, so I passed).