She is absolutely crushing multi and ADU multi in all parts of LA and knows the regulations for all of these options

One client came in hot looking for a multi-unit in Phoenix - they wanted to roll over gains, keep taxes deferred, and jump into a hotter market.

That's like people saying buying SFR is dumb and one should only invest in multi-family.

It is less than an acre, but zoned for multi-family residential development (town-homes, condos, apartments, etc) Having never been, I know nothing of the potential in Delta Utah.

You are correct that insulation is almost certainly a bigger bang for the buck in a heating climate.

Aside from arbitrage, I am looking into multi units.

I am looking to get into investing specifically house hacking and am searching for a small multi fam (duplex, tri, or quad) and haven't found the one yet.

But with this being a 5 unit multi-family building most lenders do not offer a loan product that will take the STR revenue into account. 

However, if you remember the presidential candidate from years ago who was Dallas based, Ross Perot, he said, if you want to make a billion dollars in real estate, buy in the path of progress. 

You're not buying a multi-unit, no need for FHA and the permanent MI which comes with it.