I highly doubt NYC is the market for you, with that being said there are reasonable priced places within an hour of almost every major city.

I have a full time job with the DOD and am in college as an accounting major.

Are we talking a duplex on a majority SFR cul de sac, or a 10-unit building on a major street?

. $850/900 sounds in line with the majority of what I've been seeing.

What I’ve found in my target neighborhoods of Atlanta, is that the tenant will alert you to a small issue before it becomes a major issue.

Should I still gear myself toward SFR sales, or perhaps work with brokerages that deal with majority multi unit properties?

You need deep pockets to ride out the major expenses along with supplementing your rental income to pay the bills but that is the way is seems to be out there.

It needs major rehab work and I'm considering applying for a construction loan. 

It needs major rehab work and I'm considering applying for a construction loan.

The areas south and also east of the Intel campus offer great areas with low crime, good schools, shopping, restaurants and newer homes.The newer homes will reduce your need to do major improvements for years on many of the properties.As a Broker and a Property Manager, we see many doing just what you are requesting and having long-term success.