I'm interested in getting some insights on the pros and cons of building a triplex versus a duplex or quadplex.

If you drive through residential streets versus MFU neighborhoods, there is a distinct difference in most (not all) cases.

Do you want to have multiple applicants with a slightly lower market rent amount versus trying to get the most rent out of it but with few applicants? 

Your perspective on the challenges of smaller markets versus the opportunities in larger, revitalizing cities is well-taken.

@Tiffany Roberts- thanks ...Lifes too short .....sell them while you can still enjoy your life  with your  young  kids  ( versus  managing these properties )   assuming there are  profits to be made ...you might consider the ones that are most problematic  (  meaning the  houses and not the kids !)

The difference with good credit is usually FHA is .55% x loan amount/12 -  versus FANNIE PMI .25% x loan amount/12 . 

Also size, if you're talking about 2 - 4 unit properties versus larger 50+ unit buildings the resources for those are much different. 

If it is later in the project, and most of the money is spent, well that is where reserves come in (hopefully those aren't blown through).If you have more time than money, you go in and do work that you would prefer to have hired (i.e. cut new beds and put down mulch yourself versus paying the landscapers...).

For example, can you put a kit shower in, and save the money versus tiling the shower etc?

We also have the condo association fill out a condo questionnaire that checks for owner versus non owner occupancy percentage, units in forbearance, short sales etc.