I FIREd with 3 rentals in the Dallas market (paid off) and moved about an hour away. Once I got settled in my more rural environment I realized the local returns on Mobile Homes are crazy.
I'm like Pete and enjoy rehabbing/working with my hands, so for the last four years I've been acquiring mobile homes, rehabbing and renting out. My minimum net return is 25% (all are cash purchases-no leverage) with some deals as high as 35%. A typical deal is purchase price of $30,000 (3/2 1,500 SF, 1/2 acre), rehab expenses (materials) of $10,000, rent of $1,200. Property taxes and insurance are minimal, as are repairs as these are fresh rehabs.
In all fairness, you lose the appreciation aspect of SFR (MH's typically depreciate), but at these returns I don't care. If the home is trashed in 20 years I'll just move another one on the lot and continue on*
I'm now up to 15 homes with three more under contract (purchase prices of $20K, $28.5K and $30K). Current rental revenue exceeds $200K per year, of which I live on about $30K.
Just another path if you live somewhere where MH's are common and you enjoy rehab work. I don't want to work TOO hard, so I'll probably only buy/rehab 3 homes per year, sticking the excess into Vanguard and leaving plenty of time for travel and leisure.
Jason
* now that I've rehabbed appx 10 of these I realize they will last 40+ years or more as long as you take care of them. Water is the enemy so address roof leaks and plumbing leaks asap. Install vinyl plank floors - not carpet, not laminate. In other words, just maintain them. And buy doublewides with plywood floors, sheetrock walls, hardiboard or vinyl siding, composition roof - not the 80's era singlewide aluminum cans with particle board floors.