1999 Oakwood Double Wide..Worth Pursuing?
Locally, there is a 1999 Oakwood Doublewide home that was foreclosed on. It is around 1562 sq. feet, 3 bedroom, 2 bath on approximately 1/2 acre of land. Brick foundation with water. and septic tank in place. Asking price $34,900. Had a friend from work check it out. She stated that the windows were boarded up (and all were broken) and that there were holes in most of the walls ranging from fist size to one that was walk-through size. She states that it looks like some of the local misfit kids did it. As far as damage, that was the extent. The floors, bathrooms, etc were decent and in her opinion it would still be worth $30,000 like it is. Around here, a double wide of that size with brick foundation and in good condition should appraise for around $48,000 easy. A real estate company is selling it but it is BANK OWNED. A family member and I were thinking of offering $25,000 for it, fixing it up and renting it out. Materials should be around $3000. We can do most of the labor ourselves. Should get $400/month easy. I've tried to give as much info. as possible. Does this sound like it is worth it? Shall we take a camera and take lots of pics of the damage and try to get it for less? Opinions anyone?
Pictures are definately worth a try to discount more. Repairs can look like alot of money to bank and by buying it, you will keep it from deteriorated further. As they say, it doesn't hurt to try!
Thanks for the reply Knucks. Unfortunately, a friend called the company to make an offer and was told that someone BIDDED MORE THAN THE ASKING PRICE (yes, you read that right). So I moved on and I'm currently working on 2 other things. One in a 1987 3BR/2 bath Fleetwood singlewide. Previous owners vacated 2 1/2 years ago and defaulted on the loan so Wachovia defaulted the loan. The balance owed was $4200. No lot rent has been payed in 2 1/2 years and the owner just want's it off of his lot. After 1 1/2 weeks of attempting to get someone a Wachovia to talk to me, I finally got through. I offered $500. They said they wouldn't take less than $1000. I told them that the owner wants it off of his land in 30 days and that I would call back in 2-3 weeks to see if they changed their mind. NADA value in below average condition= $5500. Pros= needs only minor elbow grease to whip it into shape. It's worth around $3000 like it is. Cons= Someone has stolen the heating/cooling unit so it needs to be replaced. The bedrooms are rather small. Hopefully I can get it for no more than $750. The other one I am looking at is a 1997 double wide, vinyl underpinning, 5 bedrooms and 2 acres of land. Needs wall repair (nothing major), carpets cleaned, some trim put up, and the yard needs landscaping. Foreclosed on by Vandebilt Mortgage. Representative came and looked at it...says the land and MH can be bought for $25,000 as it sits.