that depends on your area actually. some areas are $20 per square foot for light updates, higher for moderate. 

The profit doesn't seem to be too high but if you're not looking for a big profit and just really looking to get your foot wet, then don't let this pass.

They are the bread and butter 3/2/2, 1500 sq foot house.  

Commercial investing and borrowing is "buyer beware".You will just have to decide which loan terms that you are going to put you foot down on and which ones you choose to live with and assume that they will never be enforced (or switch lenders).  

Quite a big difference between 7 foot waves and 6 inch waves!

Well if you do the dollars per square foot method you come out over half a million.

i rent properties around here and a good yardstick for renting is that they rent for about $1.00 per square foot.

The rehab on a project has the potential to make or break a deal, and I would emphasize that even more if aren't familiar with the construction process and its associated costs.I recommend reaching out to local contractors for quotes on tasks you envisage carrying out on deals you are pursuing.Most contractors at small rehab level will know to single digit % margins what the $ cost would be per square foot.

Keep you out of it and the city foots the bill and the maintenance.

The homes are cheaper and per sq foot seem to have comparable rents with some of the nonmaufactured homes in the area, so even after lot fees etc they seem to cash flow much better than some of the nonmanufactured properties I have been analyzing over the past year in that market.