I did a quick review of Furnished Finer in Midvale, UT and it looks like your price estimate is about in line with the market but there is of course a bit of range depending on exact location/level of furnishing, amenities, etc.

I'd be aggressive on offers in cash and potentially hold a small mortgage on a high quality asset in the $450-$500K range.

We were looking for duplexes and triplexes in New Jersey, but that market is crazy and nothing would cash flow properly and everything was out of our price range.

Since you have given a wide range of funds -$20K-$70K I have 2 answers. 

I have been an operator in Ocean City MD for awhile and have units ranging from 2 bed 1 bath to 6 bed 3 bath. 60k GRI is achievable on some units, typically on the larger side, in the 3 bed 2 bath range.

I looked around this area, however the taxes here range from 5k-12k on typical home which made me look out of state. 

Multi family you can get as low as 50k/unit for something decent. 50-125k/unit is the general range for prices to still have positive cash flow from day 1 with your typical 20-25% down payment. 1-1.5% rent/price ratio in most cases. 

These are big enough to make financial sense but aren’t out of my price range while I continue to grow.

Lol developers normally can tie up dirt based on reputation in the area.. and like I said substantial non refundable EM in the 6 figure range..

Seems like a great way to get a range and some confidence in the cost!