Obviously you want to pay attention to your interest rates, cost of appraisals, and fees for refinancing.

Price wise, houses in the area mostly follow (roughly) national inflation rates.

So your success rate is 0.1%. 

They will hit you on the interest rate and LTV.

I have read that acquiring bank loans in some ways actually gets easier as the bank cares about the NOI, CAP rate etc as the basis for the loan and not the individual behind the company seeking the loan. 

Even today, I'm finding properties in a Class C town, with 15%-17% CAP rates.  

After the low rates started to increase when the FEDs pushed to raise them the inventory went up significantly (in January 2022 there were active listings on the MLS of 40-45 listings, now if you look 160-170 listings).

As for house-hacking an existing quad, only putting 5% down in this high interest rate environment will almost certainly mean you won't be "living for free" as is the point of house hacking.

It depends on how much capital you have but I recommend either house hacking (3.5% - 5% down) a 2-4 unit property or you'll need 20-25% down for a non-owner occupant purchase which comes with higher rates.

Please note, based on the numbers provided you will not be cash flowing. 154k loan amount - 30Y fixed  4k in annual taxes & Insurance 7.75% Rate Monthly PITI Payment = $1,436.60Your estimated rental income is only 1k-1.4k per month.