Strategy for first investment property. Thoughts?

[Eric M.]

So I am a long time reader, learning everything I can about as much as I can. However I still consider myself new. I am looking to finally make the jump into an investment property. A little about me; I moved down here for a job as an engineer with the gov. at one of the shipyards about 7-8 months ago. I'm 26. I want to start to build a real estate investment portfolio through MF properties mainly.  And this is the plan I've generated so far:

I would like to focus on finding a duplex/ triplex/ 4-plex in Norfolk, preferably in close proximity to ODU (North or East of) or NSU. I believe that a fair majority of these areas are above the flood plain, but if someone has an idea where to find this info, I'd be grateful. I am even considering a SFH with the potential to rehab into a MF property, or even a 5+ unit property (if the numbers are right) to make it into a 4 unit (Note: I have seen/heard this working in certain places and I have not run the numbers on a potential property like this yet, though I am sure there are underlying intricacies that I am not accounting for in my analysis). This is a relatively new thought and I have not looked into building code and zoning restrictions that may hinder the prospect.

The property's condition obviously must be one that I can utilize some force appreciation. I'm looking for something 'distressed' and can be rehabilitated. I believe the method I am trying is some variation of BRRRR.

I would (house hack) live in one unit and rent the other(s). I'm quickly realizing the hardest part to all this is finding a MF property that meets the numbers in this area. I wouldn't mind 'paying' some rent, as long as the property overall cash flows when I move out and on to my next hack. 

In terms on down payment and financing, I am looking into a 203K loan and rehabbing the property. I know this can be a downside, as the time it takes can be a 'turn off' to sellers. Then following rehabbing the property, rent out the unit(s), then refi the property (after the settling period). When I refi I will pull out as much cash as reasonably responsible to repeat the process with a new property, never losing more than 20% equity in the property. 

My overall plan is to continue to utilize a 203K loan, as I do not have a substantial down payment yet, but still want to establish myself in the market. I am thinking to the future, trying to compound my money with time.

I'm looking for any advice locals can add to my strategy, or any points I am missing.

Some odd points:

The reason I would like to keep around the universities is because whether or not in the future the market busts (if you believe the market is bubbling or plateauing) or the Navy expands (adding ships increases the jobs for a time then reduces after need is met), people will always go to college, meaning my first property I plan to keep for some time. 

I've left a bunch out, but I have considered target markets (military and students), exit strategies, crime rates, school zones, flood plains, etc.