But if it doesn't work out, I'm open to changing up my strategy and would consider single-family rentals, house hacking or increasing the budget. 

Or would it still workout if I brushed up on all 3 courses and took a crash course?

It is very challenging unless the tenant is willing to go live somewhere for a short time it is really difficult because they will get annoy with living in the midst of construction unless you work out some incentive with them .

It doesn't work out to free but your own portion of rent will be really low but you get the advantages of principle pay down, appreciation, tax writes offs (depreciation), etc.Keep looking as there are deals that can  net you 0 rent for yourself in the greater Phoenix surrounding area. 

I've run the numbers a bit on building a multiplex new, and it doesn't seem to work out very well.

If we are able to work out our number such as increasing our down payment in such a way that we get minimal positive cash flow and obviously just wait for a few years for appreciation to work its magic, would that be a good reason to buy now?

Those are details you can work out with the seller. 

I tend to listen to them when i workout. :)

Well, any neighborhood can be good for rentals as long as the numbers work out.

But if the numbers work out better to rent and invest OOS, go where the money is (as long as it lines up with your long-term goals).