They all have new roofs, are 3 bed 1 bath, vinyl siding, full unfinished basements, all have the same vinyl tile squares throughout.

On the other hand, some cover all exterior maintenance including roof work which can reduce your output for capex.

37900 USD seems pretty steep for a modular home in a off-location. 3.

Hi Jeff, ARV is a wider range because you have the bottom and middle units which are in the low to mid 400's and the top unit has a larger footprint/roof deck type layout that puts it much higher.  

The entire floor in the kitchen is rotted away do to the roof being in such bad shape it leaked causing the floor joist and sub-flooring below to totally disappear, this is also common in 2 other areas of the house.

Roofs, appliances, driveways, hvac, furnaces...

If the roof and siding are newer, and furnace and AC were just replaced - then you may be able to squeek out a little more cash flow, since you wont use all that capex and repair.  

I know after I occupy one unit, if I settled for a 3, I might not even break even, prices right now are through the roof.

It is a large 2 story older home and needs about 2500 dollars in roof repairs, due to gutters not being cleaned out and Facer boards rotting away.  

Electrical, plumbing, roof, rehabbed already, etc. last owner said he got between 900 and 1100 in rent.