I am looking to invest basically anywhere the US but primarily in less expensive areas that still attract decent renters, which im sure most people are.

They are durable and attractive

And while converting it for a couple of years might seem attractive unless it continues to appreciate you will lose money by the time you take your monthly NOI and do a rehab from rental to make it ready for the next purchaser.Primary residences rarely convert best and highest into rentals (the opposite is true though). 

I’m more so attracted to multi-family property.

Seems like one of the last places within a few hours of the bay area that has attract yield. 

@Chris Wierman The St Michael area benefits from being close to The Elk River Otsego area which has boomed over the last 20 years, however, it is most attractive due to its price. 

I would like to purchase it though and make big improvements to it to make it more attractive and be able to raise the already below market rents on it.

Maybe attract better tenants (not sure if this is allowed if you have gov loans).Is this profitable?

I don't want a property that is going to be a constant worry or attract a lower quality tenant.

Quite often, new home construction is the result of new residents moving in who are middle class or wealthier, attracted by jobs, a healthy local economy, or other amenities as they leave nearby or far away areas for greener pastures.