The depreciating asset is already factored into my investment strategy.It will take me a little while to save up enough money to get something, so I have some time to figure out what I want to do.

Those things factor in the variance needed to have confidence in my estimating.

I'm out in Denver but have family in NC and from what I've seen it seems like a fantastic market.In addition, if you house hack there are programs like NACA that will help you qualify. 

If you're occupying the vacant unit, what makes you think you can evict either tenant from additional units?

Additionally, some landlords are still waiting on over $5,000 in payments from the program.This market is right in my backyard, and it seems like a good place to start, as I can afford to buy homes in the $65,000–$80,000 range and am familiar with the area.

it is technically a real thing but very rare, and there is plenty of historical data out there that shows those who have less skin in the game are at a far greater risk of default by a factor of 5-7x.

We have had a pleasant and unexpected surprise of some appreciation over the past ten years in addition to rent increases to over $1k for good SFHs.

This can help you greatly with the additional depreciation.Ultimately, med to large MF and small 2-4s are totally different products. 

Happy to connect and share some additional experiences if that interests you.  

Are there any additional fees (e.g., underwriting, appraisal, or prepayment penalties)?