What happened is called "Tenants". I think it's a definitely a fixer, but I wouldn't offer that much, water stains look fresh. I learned rubber roof is lifetime, BUT, lifetime of company, they close you loose .
Maybe, just maybe in some rural parts of the country, but not here in Florida. Housing is not cheap here regardless what you choose. The average mortgage payment here is about $1800 per month (not including property tax and insurance) with a required income of just over $6,000 per month just to qualify. A great proportion of retirees looking to move here fall way under that income spectrum. A couple retiring on $2800 per month will not qualify for a mortgage, but they certainly do qualify to live in 80% of the Manufactured Home retirement communites in Florida.
Good price for it. With that I'd go ahead and rip out all the interior walls and install sheetrock. Same for the ceilings to. As you said all new floor coverings and new windows. Wash down the kitchen cabinets and then paint them. With all that you could have a very nice place there. To do all that I'd say you'd have to spend between $28k to $35k. Oh, a new central heat and air unit to. Make that spend between $35k to $42k.
Sheet rock would make a huge difference. No doubt. However, Lily and I always look at the work as something a husband/wife can do with limited skills, tools and budget. Refinishing down the kitchen cabinets and doing the existing counter tops is no issue. Lily did all of ours for about $600 and she gets complimented every time we get visitors. The walls, though, I would have to look at more carefully. I'd have to get some help with the windows. That is beyond me. I'd be willing to bet with a budget of $16K (including the AC) we could get that interior looking pretty darn good! With somebody like Lily doing the material shopping, perhaps a bit less. She can find the deals!
The calendar on the wall said November 2022. They probably couldn't get recent inside pictures because someone was living there. It's such a shame what tenants will do to a property.
I'm not seeing the value in this depreciating asset. In five years in lot rent alone you will be at about 50k in RENT not including the price of the trailer or any repairs. And this is assuming 800 a month in lot rent IF that doesn't go up which rents typically do go up. Maybe I'm missing something here.
Darryl, if you purchased a MH brand new today, I would say you would face some sort of depreciation if you sold in 5 years. Not much different than buying a new car, right? That holds particulary true today because everything is at an all time high with only one direction to go. These pre-owned homes are already fully depreciated. The current values are based on the housing market. When housing prices rise, manufactured home prices rise. When housing prices drop, manufactured home prices drop. Obviously, condition matters. If this home was in very good condition needing nothing, the price would be considerably higher. Other than the cheaper prices, purchasing a used manufactured home is not much different than purchasing a used single family home.
Subflooring isn't that big of an issue. Best to take out all the carpet first to see if it reached the subfloor. Those walls didn't feel rotted. just warped. I'd guess if there is even any subfloor damage, it will be quite minimal.
What happened is called "Tenants". I think it's a definitely a fixer, but I wouldn't offer that much, water stains look fresh. I learned rubber roof is lifetime, BUT, lifetime of company, they close you loose .
For the price of the lot rent you could just pay a mortgage on a home.
Maybe, just maybe in some rural parts of the country, but not here in Florida. Housing is not cheap here regardless what you choose. The average mortgage payment here is about $1800 per month (not including property tax and insurance) with a required income of just over $6,000 per month just to qualify. A great proportion of retirees looking to move here fall way under that income spectrum. A couple retiring on $2800 per month will not qualify for a mortgage, but they certainly do qualify to live in 80% of the Manufactured Home retirement communites in Florida.
Good price for it. With that I'd go ahead and rip out all the interior walls and install sheetrock. Same for the ceilings to. As you said all new floor coverings and new windows. Wash down the kitchen cabinets and then paint them. With all that you could have a very nice place there. To do all that I'd say you'd have to spend between $28k to $35k. Oh, a new central heat and air unit to. Make that spend between $35k to $42k.
Sheet rock would make a huge difference. No doubt. However, Lily and I always look at the work as something a husband/wife can do with limited skills, tools and budget. Refinishing down the kitchen cabinets and doing the existing counter tops is no issue. Lily did all of ours for about $600 and she gets complimented every time we get visitors. The walls, though, I would have to look at more carefully. I'd have to get some help with the windows. That is beyond me.
I'd be willing to bet with a budget of $16K (including the AC) we could get that interior looking pretty darn good! With somebody like Lily doing the material shopping, perhaps a bit less. She can find the deals!
The calendar on the wall said November 2022. They probably couldn't get recent inside pictures because someone was living there. It's such a shame what tenants will do to a property.
Was a steal for $16,000.00 they got a hell of a deal! I would have paid cash easy for it no problem.
I'm not seeing the value in this depreciating asset. In five years in lot rent alone you will be at about 50k in RENT not including the price of the trailer or any repairs. And this is assuming 800 a month in lot rent IF that doesn't go up which rents typically do go up. Maybe I'm missing something here.
Darryl, if you purchased a MH brand new today, I would say you would face some sort of depreciation if you sold in 5 years. Not much different than buying a new car, right? That holds particulary true today because everything is at an all time high with only one direction to go.
These pre-owned homes are already fully depreciated. The current values are based on the housing market. When housing prices rise, manufactured home prices rise. When housing prices drop, manufactured home prices drop. Obviously, condition matters. If this home was in very good condition needing nothing, the price would be considerably higher. Other than the cheaper prices, purchasing a used manufactured home is not much different than purchasing a used single family home.
My bid is $ 9500
Its rough,, the repairs under the windows tells me,, might be some subfloor damage,,,
Subflooring isn't that big of an issue. Best to take out all the carpet first to see if it reached the subfloor. Those walls didn't feel rotted. just warped. I'd guess if there is even any subfloor damage, it will be quite minimal.