@Bryce Nurding Rates are close to a 2 year low.

House hacking a duplex is a solid way to get started in real estate while keeping your living costs low.

Would you rather set it and forget it and not need to refi again or rather take advantage of low/no closing costs on this loan and plan to be more aggressive on your rate at the time of your refi?

The land is in a very non-desirable area pretty much in the middle of no where so I would assume the cost of the land is low but don’t know how the ROI would be after you had the infrastructure up and running.

., but there’s some good news for renters: local rents have dropped to a 3-year low, with decreases of up to $200.

I'd start with filling out your profile here a bit more- we can't tell what market you are in. 

The city also benefits from a relatively low cost of living compared to other major cities, attracting both renters and investors.

Those holiday numbers are a bit low, those daily numbers are a bit high. 

Is it doable - yes but you will need to go to a lender who probably uses their own funds vs. an instituational lender as they will not like 2nd position nor the low amount.

Rates as low as 7.25, depending on credit score and LTV.