85K for a 1966 single wide?

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:

  1. do people overpay for a 10K dollar old run down unit, just to get into an area they desire by 50~60K?

  2. 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.

I’d get inspections done given the age, but it’s all about location location location! For reference, a 1966 12x56 just sold in our park for $100k+: it’s the cheapest home available to get into the school district. So it’s not crazy and if you’re living there for retirement, as long as it’s affordable to you, the price matters a little less (ie you don’t care about resale)

As westewart points out it is all entirely dependent on your market. There is no yes or no answers without thoroughly researching the market. If you do not know your market you may need to rely on a realtor experienced with mobile home sales - one that you can trust. Trust being a major factor in todays markets.

Big mistake. Location has nothing to do with it. The lot rents are obviously way below market and it’s only a matter of time before they go up (unless the current park owner lives forever and wants to continue running a charity).

The home is personal property and it should be valued as such. I can’t stress this enough! Do not overpay for a mobile home just because the current lot rents are cheap. Too many folks have been harmed financially by doing just that.