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Pre-1976 manufactured home as vacation home - am I stupid?

Made an offer on a 1973 manufactured home on a permanent foundation by the beach. The trailer is cute, well-preserved and in pretty good condition, but the more I read about old trailers the more concerned I get.

I still have time to back out at inspection, on my first walkthrough I noticed a few random issues that will require fixing, and I'm sure there will be others.

The trailer is on a neighborhood street [NOT a trailer park] in a scruffy but established beach area with a mix of trailers and houses, some quite nice, some crappy. No lease, no HOA, I will own the 5000 sf lot straightaway. It is on my favorite block for walkability/quiet, and has beach access, and great water views.

I'm only paying $30 or $40k over what I estimate to be the value of the land, and 20-30% less than a small house nearby would cost. You could one day tear it down and build a great view house. I'm not going to do this soon, but in 10 years it might be realistic.

The trailer would be for personal vacations, with a goal of eventually serving as a short-term rental 30-40 days out of the year.

Will I regret going through with this? I feel like it pencils out but maybe the fact that it's an ancient trailer makes this unwise.

submitted by /u/ibickford
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source https://www.reddit.com/r/RealEstate/comments/1kxaozg/pre1976_manufactured_home_as_vacation_home_am_i/
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