This is similar to what we plan to do in a few years, although with a bit more land. A few considerations:
1. Check with your county and township to make sure they allow this, and for what zones. By us, you can't put a mobile home on anything less than 5 acres if it's zoned agricultural, which most acreage is. The 1-2 acre parcels zoned as residential can't have a mobile home on them. These rules tend to be common and, depending on your local government, difficult to get exceptions for.
2. What kind of utilities are you planning for? A new well and septic can easily go over 20k, especially if you're looking at a mound septic system. There can also be five-figure expenses for running electric to a property that doesn't already have it. Electric or propane heat can get costly really fast, especially if you are used to natural gas prices.
3. Make sure to account for added transportation costs. Most acreage tends to be out in the country, which might add to commutes and reduce bikeability. Also, car maintenance is often more rigorous if you live off a dirt road or have a long, unpaved driveway.
4. Consider a used mobile home instead of new. These depreciate a ton at the beginning, like cars. Whichever route you take, make sure you add in costs for transporting the mobile home and prepping some sort of foundation for it.
5. The equity on something like this is usually low, which is something to think about if you're interested in a HELOC or something similar down the road.
