All states are good to buy multifamily if the numbers work and it fits your buy box.

@Sophie Sawyer while I do not know Kevin and Brian personally, I have heard good things about them, so I am surprised to hear of your poor experience as well. 

I know it is still down season, so listings are thin (especially for MF which is our preferred route), but it is starting to discourage me; like we've already missed the train of cheap debt and rapid appreciation/inflation that so many others took advantage of in recent years.Are my expectations set too high for my target area? 

Honestly with an interest rate like that you could even not pay off your primary and put any excess capital in a high yields savings account and be financially further in the long term.  

I’m targeting assets between 25-100 units located in high-growth markets that exhibit strong fundamentals.

Seems like everyone wants to wholesale here - The competition is really high - I dont really wholesale unless it makes sense for everyone but my advice would be to try and hit the lists that arent already super flooded ( pre foreclosure, vacant, etc.) 

For example, roofers, welders, and construction workers frequently make above $40 an hour because demand is so high."

The profit was used to buy a higher quality SFH in the same area.

So the question is whether your house is a good rental investment long term.

Where I have seen "open concept on the way out" is in the very high end properties.