Here's what I've observed: in the areas with the best growth potential (for both rents and appreciation), existing small multifamily is very scarce.

Big difference in time commitment, risk, and potential profits 

Both have their own unique advantages and can offer great potential for real estate investing.

Appreciation potential certainly may be there but are you ok with neutral or negative cash flow?

Davis County is slightly cheaper than Utah County and likely has better growth, I would say this area is best area to target.Fix and Flip Opportunities:The current market is not great for fixing and flipping 4plexs and Duplex's in Utah, On all of me and my investors recent purchases, the ARV is not great and I think that caprates uncompressing is hurting this type of strategy as well.

Factors like zoning regulations, property size, and potential impact on your primary residence need to be considered.The ADU process can take time.

Also I have the potential to buy the neighbors lot of another acre guessing I could get it for $300-400k.

Some are hurting financially because when COVID hit, people started working from home.

Risk:Retirement communities often enforce age restrictions, thereby limiting the potential tenant pool. 

The group the will be hurt the most is buyers, especially low income buyers.