SOLD-Most mobile homes are ignored by investors. However I ran into one local investor who creates opportunity using distressed mobiles unique characteristics to his advantage that turn most investors off. The genius behind owning single-wide mobiles is the cost to profit margin. It costs less than a house generally to purchase, the taxes are usually lower due to a lower assessed tax value, therefore he said to me, “I can buy mobiles all day long, fix them up for a couple thousand and rent with option to buy. If they wreck it, I keep there option to buy deposit and fix it up and do it all over again.”
The HUD home featured today is a 3BR 2Bath 1995 16’x70′ mobile with a 3 car garage and what looks like a smoking shed for meats. The interior is in fair condition. Needs wall board repair, new flooring.
It sold for $43,600 in 2005 and is assessed by the county tax dept. for $45,000. HUD’s asking price is $30,000. Wait if that was not enough, let me tell you what I discovered while researching this property. It has 14.98 acres. The road frontage is 412 feet. Which means that you might, and I say might, because I do not know where the mobile is positioned in relationship to the property lines. But if it is to the left or right of a imaginary center line splitting the land in to two the other lot could be developed or sold off for a profit of $8-12k.
The address is 207 Clifford Rd., Fulton, NY and is currently open for Investors to bid as well as owner occupants. For more info or a showing call 315-952-2671.