Buying our first home

[James Crowder]

My wife and I are trying to purchase our first home. We are tired of renting and are ready to get a place of our own. I have contacted a real estate agent and started looking at the mls listings and today got approved for financing. I found a local bank that will give me below 4% fixed apr with a 3% down payment and no PMI.
I can only get this loan if it is a single family home but we were thinking about a multi-family and renting out part of it. I am also eligible for a FHA loan which would allow for up to a quadplex but as I don't have much of a down payment would have to pay PMI.
My thought is if I can get a single family at a great rate and cut my rent in half by purchasing a home, I have already created myself positive cash flow and I may be able to save for another property that is not attached to mine to rent out. I know there is some creative financing deals to be had and having a mortgage is only going to help build my credit if I continue my good payment habits.
Does this sound like a good plan? and What should I look for in a SFH that would show it is a good deal? Should it be priced at 70% of comps?