Added value to this deal by updating the countertops in the kitchen, new fridge and range hood, new paint on the cabinets, fixed and cleaned single pane windows.

I agree that the other units probably aren't updated, it seemed like the range of rents was pretty wide too.Those are basically my first impressions about FHA vs conventional loans as well.

Your tone comes off harsh and not respectful of a blue collar profession. 

We kid ourselves and call real estate an "alternative investment strategy" around here, but we're really just trying to make ourselves sounds more respectable.

Quotes for this property should range between $2500 & $5,000 based on the age of the electrical system and roof.  

I started looking OOS to other recommended markets but realized prices in my market are still relatively low when compared to other areas, meaning in the $225,000-$325,000 range for 3-4 units but there’s not much inventory.

Would it be wise to buy one in a range of 200k-300k?

Read up on the TCPA (Telephone Consumer Protection Act), which imposes fines ranging from $500 to $1,500 PER TEXT MESSAGE. 

Your market may be different but locally if you are just looking around it is between 80-200 give or take, wide range. 

GA & VA are both large states with a range of market conditions.