One of my favorite clients, (My son!) is putting a pet project up for sale. He has done most of the big work, but he’s ready to get his money out and try another investment. It’s mostly done, but still needs to be finished.
It’s a mobile on an acre lot here in Apache Junction, but it has a lot more than that going for it. It’s located to the east of 2 brand new stick built homes worth $300,000 or more, so it is worth probably as much as a vacant building lot as it is as a mobile. The city has recently extended the sewer main along the western edge of the property, so there are new hook ups available.
On the other hand, if someone were to fix up the mobile, it would make a great horse property. It’s a block south of the P&M Arena, and all the trails in Apache Junction’s “Equestrian Park”. It wouldn’t take much to make it livable; paint, carpet, and a roof, but if you want it to be able to get an FHA loan, it would need to go through the affixation process, where an engineer verifies it is not tied down, and then actually does fasten it to the ground so it won’t be blown over in a storm.
Another possibility is the situation just to the east of the property, where the owners have split their acre lot into 3 smaller lots. They currently have 2 units on the plot, and they sold the third .31 acre for $40,000. If you use this sale as a comparable, 2960 Tepee is worth at least $120,000, and it is already a developed lot, which means there is water, septic and power to the mobile as well as the city’s development fees being grandfathered as well. These would add up to at least $30,000 if you were to put your own unit on the .31 acre lot!
Any way you slice it, it’s a great deal at the asking price of $138,000. He’s also offering a $1000 bonus to the seller if there is an accepted contract in 2015!!
Here’s a copy of the listing in MLS. Give us a call, he will look at any offers!