Doublewide Modular w/ 1acre of land! - Posted by Carey_PA

Posted by JHyre in Ohio on October 26, 2000 at 06:51:18:

In my market a decent doublewide on one acre of rural land would go for about $65,000 to $75,000 cash. I’d be willing to pay around $30,000 total. Such deals DO exist, particularly if one is willing to buy the home and land seperately and then package the deal. If this realtor claims a higher price, I’d want to see comps and know why the MH in question hasn’t sold, notwithstanding that most banks do not know how to market repos very well.

John Hyre

Doublewide Modular w/ 1acre of land! - Posted by Carey_PA

Posted by Carey_PA on October 25, 2000 at 22:10:15:

Hey gang,

How have you all been? I’ve been trying to get into sfh’s lately and I’m currently “trying” to see if I can get a local bank here to work with me. (It was recommended by a fellow investor in the area)

Anyway, in the process he also recommended a realtor and I just got off the phone with the realtor. It was kinda like a get to know you phone call.

He tells me about this 26x52 doublewide on 1 acre of land that is a bank repo. The bank is asking $76.9k and he says they are negotiable and he knows they would take less because the home has been on the market for 6 months now and they want to get rid of it. (they started listing it at 90K) The home is being sold in as is condition, it needs a little fix up work, i.e. carpeting, ceiling fan, etc. And it’s on a block foundation.

Now, when speaking to the realtor I asked about comps and he said it’s kinda hard because there aren’t that many homes that come on the market like that where the land is for sale, but he thinks it could go for $110 -$120k.

This is my first ever non-lonnie type deal lol what do you all think? Could it be a good deal? If it is a good deal, would it be best to just sell the home and forever rent the dirt or sell it all together?

Thanks a ton!


Dissect the deal… - Posted by David Krulac

Posted by David Krulac on October 26, 2000 at 15:09:43:


  1. What would the acre, I presume with well and septic be worth without the double wide?
  2. What would the doublewide be worth on a rented lot?
    In my area a $100,000 doublewide would be pushing it, but every area is different.
    I’ve sold some lots with well septic and mobile, where the mobile was of little or no value for 20k to 50k and used the well/septic as a marketing bonus. If there are other higher priced houses surrounding the double wide, it may have more value without the home, which could be sold separately to be moved. I’ve never sold a double wide that had to be moved but have heard its a hard sell.