The answer is yes you definitely can! We bought a park last year with over 40 POHs. Homes were old, small and park had small lots. But its in a good market and was mismanaged. We knew there was an opportunity to totally revitalize the park. We vinyl sided over 35 homes.
It totally transformed the park - the quality of tenants who started coming in greatly improved. We had city and police commend us. Of course we would not have done this unless it made financial sense. We were able to raise lot rents from <$200 to $300. We started changing from renters to owners.
One tell tale sign was we had one person recently paid is $13K in full to buy a house. Prior to this project we could not find a person to pay is $500 down.
Before doing this, make sure the homes have no leaks already. Also, fix windows prior. We left the metal on the homes and put Tyvek around it, then the siding. It actually improved the insulation on these homes.
Note: We were able to do this at a very reasonable cost as one of our park manager's significant is a professional sider. Otherwise this may not have been reasonable.
Below are some pics. They may not have been uploaded in correct order but I think you can guess the Before and After picts.