Last lot in MH subdivision? - Posted by roundhouse

Posted by roundhouse on April 30, 2007 at 13:10:53:

Scouting for Land/Home deals I found one MH subdivision that has one lot left, all lots are 1 acre~, & have county water seperate septic tanks for each lot. the requirements are that the MH be a min of 995 Sf and not more than 3 yrs old.

The others were developed a few years ago and sell for $100-110K.

The asking price for the lot is 28K and the cheapest 100 Sf DW I can find is $35K delivered.
$25K for lot
$35K for DW
$5K septic & driveway
?? not sure what the block foundation will be.

$65K in a deal that should sell for $100K.
or rent for $700~

Im scared to pull the trigger on this, as this will be my first deal.

I can rent it also.

Local bank will loan 80% of purchase price and re-fi for 80% of appraisal after 9 months.

Id feel better about buying an acre that was not in a subdivision,

QUESTION: has being in / not in a DW subdivision ever affected your choice of location?

This area is booming with retires’ moving in from FLa and zero foreclosures make it to market.

All the super deals, If any, are snapped up in 2-3 days by people who have instant access to the MLS.

My Aunt put her stick built on 3 acres on the market and had 4 different investors come look at it within 6 hours of it hitting the MLS. None were interested of course since it was a retail price. but this area is one I want to buy and hold, but Id rather not hold property in a MH subdivision, as I think private land would be better for the long term, but to get started this deal seems OK.