Hi Nathan!
You may have to go a little further outside of the Triangle to get something more affordable. We are currently investing in SFH just North or Raleigh/outside of the Triangle and getting the 1% so it can be done. While I would say the 1% is not a hard and fast rule as a go/no go gauge to invest, you should look at projected cash flow and ensure you don't lose money. In a house hack situation that should be to at least drastically cut your living expenses (rent/mortgage).
Also, you are probably in a position to be eligible for a FHA loan and could put just 3% down on a property. I love the idea of the house hack whether it is a SFH or a multi up to 4-plex. This is a great way to start!
I would stay here and in invest as your first property. I think for the first one you want to have more control, be able to be more hands on and build your systems. Even though the area is expensive there are good cash flowing properties to be had, sometimes you have to be creative, but the area still has a lot of upside in my opinion.
