It's possible to find cheaper options but make sure you evaluate the coverages offered.

. - Aggressive strategy will buy a cheaper house, which is why it results in bigger cash on cash ROI.

@Garrett Matthew Hester By taking a cash out refi, I don't see a scenario where anything is "cheaper" than what you have given the higher interest rates. 

If you want to move to a cheaper area do that, find a job there and do the house hack strategy

I live in Tampa FL and housing prices are ridiculously expensive and from a basic research I’m pretty sure I could build cheaper.

For what I've seen the trick is to stay out of major metropolitan areas (prices are cheaper and city halls more easy to work with) but close enough by highway to the city (30-50min) so it makes sense for the family to visit.

Duplex can always add additional units via the ADU laws. 8) Related to number 1, purchasing a property with an existing ADU is cheaper than buying a property and adding an ADU.

Everything is smaller, thinner and cheaper. 

3 recent national studies show that the rent to value ratio is at an all time worse (what they really studied was cheaper to rent than buy, but there is strong correlation).  

If we were to find a duplex/triplex/fourplex that met our criteria, I was thinking about maybe owner occupying one of the units in exchange for being able to use the 203k loan - for not only cheaper financing but 3.5% down + being able to include fixup costs in the mortgage.