I am more concerned about the impact of rising rates than on transaction costs in getting out of a loan.

For example, in a rising market, you can choose to accept lower returns due to expected higher / faster appreciation or whatever other reason makes sense to you.

With the anticipated rise in interest rates and slowing growth in the tech sector, is right now a good time to buy?  

They won't care if you've made it nicer unless it causes the rents to rise substantially.If your goal is as stated above, I think house hacking a duplex is a good first move but you should plan on hanging onto it for cash flow for awhile.

This is the market to buy.Seller's Market I - supply dwindles fast, properties selling fast / very competitive, bidding wars start as properties come onto the market, time on the market is at it's lowest point, unemployment low, properties prices and rents rising, demand is at it's highest point, market will start to cool off at some point (can't last forever).  

Similar if your market is unlikely to see appreciation faster than inflation there is not much to gain by purchasing. 

With 80% financing,possible(probable) recession you may be the one crying in a few short years.My logical thinking is we cannot lower rates forever.Sooner or later the bullet will have to be bitten & rates will rise to 7-10% range.Banks have already drawn the purse strings almost closed even with the fed cutting every other week.I welcome the day that my saving & frugal living will be rewarded with the interest rates my money deserves.

And for those who are in their 30s and think they will retire with paid off rentals, don't forget to factor in the following:Maintenance, taxes and insuranceDepreciation for your heirs to repayUsually good appreciation at first and then slowing in later years,,,why followsEconomic devaluation due to properties maturingChanges in demographics of the community, hot areas don't stay hotCompetition of comparable units and and newer unitsDecline due to obsolesence, may not command rising rents foreverMaintenance issues deferred become rehab projects years laterTax benefits die outGovernmental regulations adopted may cause additional expensesVariable costs increase- with stagnet rents (ie, taxes and insurance)Property becomes inefficient and functionally obsolesent in the market.Buying a 15 year old SFD when you are 30 and keeping it till you are 65 gives you a 50 year old property......now go into neighborhoods with 50 year old properties and see what the market is like inthose older areas.......I suggest you buy, do a 1031 or sell and upgrade your inventories.

It doesn't matter if you reduce 10 times the price can still be inflated.

I can only speak for SW Florida when I say rents are rising...and they are rising substantially.