At least when compared to other cities our size.  

There's no one size fits all approach.

My strategy is to use leverage conservatively and invest for the long-term while slowly increasing the size of the portfolio and waiting for appreciation.

Sure, just identifying that the residual income from management can provide additional incentive (and in our case enough) attention from a decently sized realty firm.

No restrictions regarding owner-occupied - only size restrictions.

VA funding fees went up with the Blue Water initiative a couple years back.First VA loan, 0% down, is 2.3% of the loan size is financed on top of the loan amount as a VA funding fee. 

This to me, and from what little rental history I can find on similar sized homes, seems to indicate the potential for high rents and POSSIBLY a high rental demand since there aren't many?

Do your best to make accurate and reasonable comparisons in terms of location, # of BR/BA, size, upgrade level, parking, and amenities and adjust accordingly.

I am looking to enter into a medium sized multifamily deal with a total of 4 partners.

Purchase price: $1,150,000 Partnered up on a 1031 into a mid size commercial MF in Anchorage (16 units) - no further cash required due to 1031.