Rental SFH W/ MH On Lot
I looked at a rental house for sale with a 30 year old single wide MH behind the house. The house is rented to 4 coeds for 900/mo til Aug. 05 in a college town. The MH (3 bed/1 bath) was rented for 450/mo but is vacant now and in poor condt. Asking $139k for the property. I'll offer $80k for it. The house and MH needs lots of work. My question is:
What would costs be to rehab MH ( clean, paint and new carpet) or is it even worth rehabbing? Rehabbed it would rent for 600/mo. Any thoughts on this situation are welcome.
You may be onto a very good bargain here, and if you'll think carefully what has to be done in rehab you may find it just isn't that costly to rehab the MH.
I'd recommend you protect yourself in writing so nobody can go around you, then do some talkiing to other rehabbers in your area and get some ideas on how to rehab it cheap.