OK, This mobile home is in a HOT housing area and its currently the CHEAPEST home on zillow. With a lot rent of only 400 that includes Water, Garbage and Sewer … It’s on the oregon coast.
The thing is, it’s in an area that I’d like to be, and it’s the lot rent is pretty cheap. But, before I go down this road, I was thinking of offering 65K cash of course and the realtor thinks the seller would probably accept it…I was thinking, of telling the seller if it needs major work to also, cover some of those costs with my offer as well.
Is this considered normal to pay way over price as this isn’t really a CREAM puff unit, it looks old and the roof needs attention, the bathroom needs somewhat attention as faucets and fixtures drip, Probably yank the toilet, swap out the shower valves, may look into replumbing entire unit with pex, as it’s old plastic, maybe even original? Also, the roof will need to be redone.
So, I’m thinking of 10~15K dollars work to get it back into shape, I think some windows have cracks in them and the yard trees need major trimming. Probably needs a lot of paint and new caulking around windows. After all it’s 1966 and close to the ocean salt air. Oh and it still has the old forced air furnace in it, so probably a heat pump will be on order maybe next year.
So… My worries are:
do people overpay for a 10K dollar old run down unit, just to get into an area they desire by 50~60K?
what if they close the park down in a few years, you’d be out a lot of money, I guess here in oregon, they have to give you a year notice plus around 10K for compensation … losing that kinda money would be a huge risk to me.
I think it would be a pretty good investment if the rents didn’t go up too much and they didn’t close down the park in 10 years. The park is very small like only 10 rented lots.
Would any of you buy a mobile home for that kinda money? There are a few more homes in another park about 2 miles away that are better condition same size single wide (more newer) but they want like 100K for them and they are in a 55 age restricted park, I’m not 55 yet, 53 for me. And that lot rent is at about 600 per month.
I’ll be using this home for myself.
Thank you for any replies.