Rates for those types of loans programs should be a little more comparable to conventional. 

I'm trying to compare whether to use a conventional or 203k loan.

Buy a decent little single family or small multi-family for 0-5% down using conventional, FHA, VA, or USDA loan options that allow for little down. 

I did 5% down on a conventional loan for the condo.2.

Right now, if your buyer wants to buy with a conventional loan, the sale from contract to close will take 3 months alone.

I'm looking for some insight into whether I should take this opportunity and ride with it (like I said, I think the location and land with this property is priceless- the house just needs work) OR if the loan rate is just ridiculous and doesn't make sense to take on right now with rates so low for conventional mortgages.Thank you!

You won't have retail, i.e. owner occupant, buyers with conventional loans to compete with.

I will be buying the home with a conventional mortgage. 

Iv bought 3 homes in the Seattle/Lynnwood area all using 30 year conventional loans.  

Meaning, if you were cash flowing with an FHA loan, why not use a conventional 3-5% down on the next property?