It's definitely a little trickier to process the 203k loan due to stringent guidelines/steps to get the job done but doable.

if you don't mind the section 8 side of investing its doable as you will surely have to have rehab funds and get a tenant in there a.s.a.p. you may even have the ocassional lease-option but you will have to put a little more than spit, gum and glue on those properties. the numbers are the deciding factors for any strategy. just because someone or a group of someones don't favor a particular method of investing in real estate doesn't mean that you must do the same. find your niche(s), what works for you. my coin.Kudos,Mary

And, is it really doable to increase NOI by $6,000 and equating that to $75,000 in equity with an 8% cap rate? 

Given your experience is that something that is doable on my budget?

See what is do-able for you and what you can foresee yourself actually going through with. 

I am not looking to hit a homerun and make 30K off a very light rehab in my first shot, I am trying to be very careful with my numbers and make over 10K as long as the repairs are low-risk.What I have found after two failed attempts is that, in my opinion is doable but they are much easier to fall through after the inspection because of the thin spread.

If your NOI, by that standard, is 10% of the purchase price, then it appears to be 10% cap rate which is potentially a very doable deal.

I live 35 minutes from mine, and that is definitely doable.

Welcome @Jeremy HowardYour goal is doable - for sure.

This a great idea and very doable, especially if the other three units are currently rented.