The are properties in C neighborhoods in NJ that you will be able to buy and renovate and force the price higher. 

Right, I figured there were expensive SaaS solutions for larger real estate entities.

I can't tell from your post, but if you are just speaking of multifamily meaning a duplex or triplex to house hack to pay your mortgage, then I would focus on where you can get a good professional job first, then look in that market for a place where the numbers work to house hack.If you are looking at larger multifamily in Memphis, then try to talk to @Erik Nowacki who moved from CA to Memphis to own and manage multifamily.

There is a house on the property, but is pretty run down and would cost a lot to renovate.

With the work that I have been doing (new construction, addition, full Gut, Renovation) my costs are roughly $170/sqft (depending on finishes, this was a really nice finish look) $120/sqft , $80/sqft, $70/sqft... in that order.

The street is currently experiencing a slow turn around of renovation so it is an up and coming area, although more slower than other popular areas in Indy. 

The general scenario is, we buy a property, spend 5-10k per unit renovating it, provide all of our invoices for the interior work to a special firm that specializes in Cost segs.

These coworkers prefer the non-urban feel of the area, larger property lots, less dense etc.  

I will try to use this as leverage with the seller as well to get a larger discount.

If you are looking at larger multi-family, that 15-25% down becomes less negotiable but from what I hear there are creative ways to come up with that money.