On the other hand your COC return should be better when you use low interest financing and if you have more properties then you have better diversification. 

If you can find one with a good bit of diversification from your home market, that's an added plus, too.There are some strengths to be touted in different areas across the country, but I'd start with this:  what would be true of your investments overall in the next 5-10 years? 

Diversification - You can own several fourplexes spread across your target market or across several markets as opposed to putting more eggs in fewer baskets.Liquidity - It's quicker and easier to both sell and refinance a fourplex than a larger apartment property.Appreciation - Many investors believe that fourplexes appreciate faster than larger apartment properties.

Also, you can generally take a smaller amount of money and spread it into a larger number of deals (for better diversification across geography, asset type, strategy etc.) versus having to take a larger amount of money and purchase a single large property on your own.The downside is that you give up control to the sponsor, and have to feel comfortable with vetting them.

Instead they do syndications where there is more diversification, less headaches, and no loans in their personal names.

However, we want to think about location diversification.  

Though I know some folks from FIRE community are content to live as students for the rest of their lives and $1-2k/month income makes them financially independent.I personally invest in real estate only for diversification, and I see real estate investing as a capital preservation strategy rather than capital growth strategy.

Diversification 

What are some thoughts on Fundrise or Crowdstreet for portfolio diversification?

Lack of tenant/sources of cash flow diversification would be the biggest concern for me.