As a realtor, I LOVE working with investors, probably because I am bottom-line oriented myself and like a good deal or help someone who is looking for same. 

I'm looking for ideas and options to transition from a self employed carpenter to investing in rehabs or at least working for other forced appreciation style investors.

This is the way old style City Centers used to build out.

In other words, every year I could do another house at 3.5% (FHA "house hacking" style), but the cash flow will be less (somewhat substantially so) on these rentals in which I've only paid down 3.5% of the mortgage.

Is it a family-oriented neighborhood?

You're just buying a house to live in.A low ball doesn't make any sense.Comps are similar style, size, and condition.

There will be other brokerages that may fit your goals and styles better.  

HI Chris,Yeah the option would be to utilize a 203k FHA loan or a Fannie Mae Homestyle renovation loan the only down side is that the FHA 203k similar to a regular FHA loan has self sufficiency requirements on 3-4 unit properties so if you're in a area where rents are high relative to price then you could be good otherwise you might not be able to meet the rule and use 203k to finish off your repairs to the unit.The other downside is if you used home style reno loan is that you'll need 25% of loan to cost as a down payment (acquisition price + rehab).With the Home possible program the units have to atleast be habitable shape.

FHA 203k (still permanent PMI) or the Fannie Mae Home Style loan.  

Either conventional rental or AirBNB style, perhaps?