We paid $1.775 million for the notes, worked out a modification with the borrower, and received the first 5 monthly payments relatively on time.  

If you have all of those answers, then I would not pay more than a million.

So, over $40 Million of fourplexes were sold in the last 14 months.

The property is located in a mid-size city with several attractions nearby.I understand that management fees can vary by location, but this property management company charges 20%.

THE attractive feature to me of MHP is renting the lots, not renting homes.   

A study recently completed showed that most squatters are attracted to two properties: vacant and those listed for rent stating 'for immediate occupancy' or vacant. 

Keep in mind that inexpensive properties are inexpensive because they are less desirable properties in less desirable areas and attract less desirable tenants.

Then there is a million little things after that.  

In a business, I’d say owner “net profits” (exclusive of any owner salary) of $200,000- $1 million.  

Quote from @Miguel Del Mazo: Quote from @Jonathan Greene: Quote from @Miguel Del Mazo: We have 3 2/1 condos in our portfolio that attract traveling professionals (medical or otherwise) and a triplex that we essentially BRRR'd down to the studs.