From google maps pictures (2015) there were 5 additional homes that have been moved or torn down.EXPENSESStick built homes pay for all utilities.Park owner pays for water/sewer of mobile homes.Property taxes $2,000 yearly (166.67/mo.)Water/sewer, Trash, landscape, snow removal, etc monthly average $350There are additional misc expenses roughly $40/mo.Asking price $65k (15 yr mortgage about $400/mo.)Insurance unsure yet.  

Forgot to include points were $3,330 and property tax arount $1200, and insurance $200 

Jose,Here is a list of "hidden costs" that may surprise you if you haven't been through this before:Closing costs when you purchase the propertyTitle Insurance Policies for you (and the lender if there is one)Miscellaneous closing fee's (survey, recording, etc)Loan origination feesHolding costs (during the time that you own the property)Builders risk and Liability insurance policy premiumsProperty taxesHOA feesUtility usage chargesBuilding permit costsDumpster / hauling chargesLoan interestClosing costs when you sell the propertyStaging (if applicable)Realtors feeClosing costs (depending on where the property is, this could be a huge cost) Professional fees for accounting, legal and taxesCapital gains tax on your profitI hope this helps you, and good luck!

Add replacing or fixing a toilet, lawn care, sometimes even insurance and it seems to be most costs would be a higher percent the lower the rental amount. 

Could someone provide examples of what mild vs extreme due diligence would look like with a 4 unit house that requires a moderate amount of TLC from the landscaping to the plumbing and electrical?

You will still have taxes, insurance, possibly property management, and vacancies to account for. 

In one of my units I had it and I couldn't get the property insured until it was removed and replaced. 

I have been in the insurance business (claims department) for the past 16 years and have always been interested in real estate but never had the nerve to pursue it further...I am confident today is the 1st step towards my pursuit of being a full time investor one day.  

While the sale was still in attorney review, the attorneys for the auction house tried to impose a contract with all kinds of odd exceptions and carve outs that they insisted the buyer accept on the title insurance. 

I believe I can ask for higher rent and deposit, but wondering if the risks are worth the added income.I'm reaching out to my insurance carrier to understand if my coverage needs to change.