Two Manufactured Homes On The Same Lot - Deal?
I am not much of buy and hold guy, but it may make sense in this scenario. Don't have all of the info just yet, but here is what I do have:
1. Listed for 150k
2. On the market for 120 days.
3. On .77 acres of land
4. Assessed value: 113,100 (per county)
5. TWO manufactured homes:
1971 and 1972 doublewides,
6. two detached 2-car garages.
7. Title elimination has been done on both (converting to real property).
8. Both are rented out at 800 each, plus 50 for garages.
9. owner will do owner financing with downpayment (out of state seller wants to get rid of the property)
I realize that manufactured homes depreciate in value. I will low ball the price due to time on market and that I still have a lot more homework to do on this, but here are my thoughts so far:
Why not buy it if it truly cash flows at 1700/month? Regardless of what the MH is worth after X number of years, the land will still appreciate, and I will have major positive cash flow. What are your thoughts on this?
A lot of money for 32 year old doublewides . Buy you an acre of ground ., buy you 2 doublewides from whoever finances them there as foreclosures,2-3 year olds sell here for 10,000.00, and you have same scenario with a lot less invested plus be a lot easier to keep tenants in newer homes. old homes hard to heat and cool older than 1980
Vasily
I've got lots of MH and RE experience and since I'm just down the road from you, in Tacoma, I'd be glad to help you figure this one out.
Call me if you'd like my assistance.
John Merchant
(see my profile for phone #s)