On a recent property tour, I ran across this older mobile home under renovation. I believe it is a mid-80s 14 x 60 2/2, and would probably fetch $2-6,000 depending on location and condition.
When the prior resident moved out, the property owner decided to give it a full makeover. Installing a standing seam metal roof, upgrading the exterior vinyl, and replacing flooring were all pretty standard. More interestingly was the decision to split the unit into a two 1BR units.
Separated by a stud wall sheathed in 5/8" sheetrock and outfitted with new kitchens and cabinets, this home now rents for a combined $950/month when it previously generated only $750. Its occupants, a landscaper who works in the community and a disabled veteran, were longstanding residents now able to downsize, freeing up two homes elsewhere for re-letting. As a unique product with a definable target audience, the owner can afford to spend more on the renovation, further enhancing the property. This community is approaching 90% occupancy, and this new rental concept, selectively applied, can provide additional income growth in an otherwise slow growth market.