The combined rent is approx. 2800 a month.There is a double wide with additions added for the owners property, it has 5 bedrooms. 

@Jonathan Tran after analyzing quite a few properties in this forum in quite a few states, I've seen a wide enough range of property taxes to believe that they play a significant part in whether a deal cash-flows or not. 

One was partially renovated, but the renovations looked sketchy (20-inch wide shower, rippling siding, exposed lam beam in the living room hanging down about 10 inches, etc.).

. :( - JG.https://orangecounty.craigslist.org/reo/d/midway-city-double-wide-foreclosure/7090884174.html#https://orangecounty.craigslist.org/reo/d/westminster-mobile-home-for-sale/7072697588.html

I am having trouble understanding how the relationship between risk vs return actually plays out in real life because cap rates and valuations seem to vary so widely.

The great thing, and maybe one of the maddening things too, is that real estate offers a wide range of investment options for a wide range of people with different ideas.The stock market has done pretty darn well in the last 10 years.

Before you sign up and pay for your licensing course, identify and interview 2-3 brokers, where you might wish to hang your license once you get it, so that your eyes are wide open to the costs and the issues - high/low, good or bad. 

In California, rent increases are capped state-wide at 5% plus inflation for any multi-family more than 15 years old.

USDA isn't as widely talked about, even though it is a nationally available program, but for some areas I think it works well.

Property management agreement terms vary widely by region and by company.