If you are looking for a cheap place to live run the numbers first - How much is the mobile home parks monthly rental, how much are the monthly cooling and heating bills, does the mobile home park charge for water and if so, how much is it (usually VERY high).
If you have 7000 in cash and decent credit you can buy a home that will appreciate in value, show on your credit and have low monthly utility costs (there are new homes with $85 a month utility guarantees). I don't know what your long term goals are but, I will tell you what I tell my husband all the time - Don't put money into anything that will not make money some day. Okay - now, follow your heart and best wishes to you!! Laura Rosales, Realtor - Premiere Team Real Estate 512-771-5334
The first factor is fairly obvious. What condition is it in? How are the appliances? How's the HVAC unit? What's the condition of the bathroom (or bathrooms)?
The second is the park generally. Sort of like considering comps when buying a home, but more broad-based. You certainly should consider any comps. Most mobile homes are privately sold, so it can be more difficult. Still, if the park's large enough, just drive around and find other units with the same number of bedrooms (and whether it's a single-wide or double-wide) and see what they're going for. But some parks are really quite nice. Others aren't. That affects the price, too.
The third is the land lease. And that cuts both ways. A high land lease can mean the park is a really nice one with lots of amenities. There's one near where I am with a real high ground rent, but it's a gated community with a club house, swimming pool, basketball courts, and more. You just have to figure out if you're getting a decent value there, and how the park management is.
Tip: If you're buying with cash, sellers in mobile home parks often are VERY flexible with price. Especially if they've been trying to sell for a few months. In many cases, if I found one around here priced at $7,000, I could probably buy it for $5,000 or less. You should be able to do the same thing.
So, without knowing what it's worth, I'd still say that if it's in decent condition (make sure you have the HVAC, appliances, roof, and plumbing checked), if the ground rent isn't outrageous, if the community itself is OK (not great, but OK), and you can buy it for $5,000 or so, it's probably a decent deal.