Readers, I was skeptical. You see, the entirety of "Little Mouse, Little Mouse" is a felt mouse hiding behind one of several differently-colored felt houses. When the mouse is successfully hiding, the entire group chants together: "Little mouse, little mouse; are you in the *color* house?" The person leading the story then pulls back the appropriately-colored house to reveal whether the mouse was hiding there or not. Simple.
But, oh. The excitement! The cheers! The absolute disbelief when the mouse was not to be found inside a particular colored house, and then the absolute joy when it was discovered!
The moral of this story is: Make this felt board. It is simple and straightforward from the creator's perspective, it reinforces color knowledge and ideas of object permanence, and kids completely adore it. I can still hear them chanting: "Little mouse! Little mouse!"