$4.00 per is perfectly fair.  I will use them for AH and Realms of Cthulhu,  I paint miniatures for folks all the time, most good unpainted- unglued minis cost $10+ from store. I usually get paid between 15-25 to paint a like sized model.  FF was very smart to pack them all singles for pickers.

Coming from Warhammer 40k where you pay around $6 (or more) for little plasitic models you have to assemble, prime, paint, wash, sealcoat, and flock.  This is a very attractive pricing.   I will probably get the whole line after I get all the expansions.  I've started with TRYING to hunt down a copy of Dunwich.

  I have found three Dunwich Horror expansions on Amazon, but you aren't going to like the prices. Check out the upcoming products because I believe they're going to revised Dunwich Horror for the upcoming Miskatonic Horror expansion. I manage to get TKiY expansion for almost double the regular price. If you're willing to pay one of the three prices, go right ahead. However, I believe one of the prices is almost $250 for a brand new  DH. I am looking forward to the newest one.

    As for the painted figures, Amazon has them as well. a complete set is also about $250. Have fun purchasing them.

The figures are well worth the price in my opinion as an additional extra for those that want them.

There are no plans to revise Dunwich Horror - it's just being reprinted, so the inflated price won't last.

Miskatonic Horror will add some new elements to the Dunwich Horror expansion, for those that own it. 

even at $200 , its not that bad . i have a free print and play game called zombie plague , you can find it over at BGG , its free to print out abnd play , but being some one that wants more than just cardboard , i have sent probably $300-$400 pimping it out with minis , laminated maps , custom artscow cards , etc . its not for everyone , but there are plenty of us out there willing to doi it .

 As a Warhammer player I get a kick out of this.

If you like collecting, go ahead and spend $150 on investigator minis. Most cheap mini games will run you thrice that cost and give about the same play value. Those produced by GW can cost several times more...

Of course, if you think a $4 mini is a bit much you probably aren't a collector, so you'll probably be more than happy picking up 3 or 4 of the models for your favorite investigators. It's probably what I would do.

is this $4 for a plastic painted figure or an unpainted figure?

$4 for a painted figure and then postage is about passable but unpainted is just a rip off? 

There are painted.