Low-mass galaxies in nearby clusters are the most numerous galaxy type in the universe , yet their origin and properties remain largely unknown . To study basic questions concerning these galaxies we present the results of a survey designed to constrain the characteristics and properties of the stellar populations in a magnitude complete sample of low-mass cluster galaxies ( LMCGs ) in the center of the Perseus cluster . Using deep , high-quality WIYN UBR images to obtain photometric and structural properties , we demonstrate that the 53 LMCGs in our sample have a significant scatter about the color-magnitude relationship at M _ { B } > -15 . By comparing single-burst stellar population models to our photometry , we argue that stellar populations in LMCGs all have ages > 1 Gyrs , with redder LMCGs containing stellar metallicities [ Fe/H ] > -0.5 . By assuming that the colors of LMCGs reflect metallicity , and have co-evolved with the giant ellipticals , we find a wide range of values , from solar to [ Fe/H ] \sim - 3 . We argue from this that LMCGs have multiple origins , and fundamentally differ from Local Group dwarf spheroidals/ellipticals . The inferred lower metallicities of the bluer LMCGs implies that these are possibly primordial galaxies formed through self-enrichment and stellar feedback provided by winds from supernova . We also investigate several other formation scenarios for these LMCGS , including : self-enrichment induced by the confinement of metals in halos by the intracluster medium , in situ formation out of intracluster gas , systems with extreme dark halos , and as remnants of previously higher mass systems . We conclude that roughly half of all low-mass cluster galaxies in the center of Perseus have stellar populations and kinematic properties , as discussed in previous papers in this series , consistent with being the remnants of stripped galaxies accreted into clusters several Gyrs ago .