This is such a huge health and safety hazard in terms of potential filth, vector control, and potential fires (which, by the way, not only put your property at risk but your neighbors' too), that cities/counties in my area have deemed a property that "lacks required utilities" to be "substandard housing". 

Ive seen a big uptick in the industry across the midwest in terms of rental rates, expansion, and criteria tightening. 

I don't know if it's something that maybe depends on the situation, but I keep hearing conflicting information when it comes to financing, in terms of what comes first the deal, or the financing. 

Would love to get advice about how you get a duplex to work for you in terms of cash flow.

I'm at the mercy of the market in terms of appreciation and property value.

I'd be great to know these things to help you narrow down your search.But without knowing those answers, here's some general advice:Single-family homes are tougher to make work that multifamily properties, I've found, in terms of cashflow.

I know there are ways to get low down payments, like through an FHA loan or private loans, however with a college student's/recent graduate's salary, what do you suggest would be the best option in terms of a down payment?

These are general terms; each company offering this product will differ slightly in terms of minimum credit score required, minimum property value, maximum loan amount, maximum LTV, document requirements, etc.

And then in terms of financing, I've been on the phone with multiple lenders and they've said that you have to put down 15% conventional for a duplex, but could just do an FHA for 3.5% (so we could have more cash in reserve).  

In addition to not over improving for the value of the condo compared to other units in your building, you need to think in terms of STR rates.Look at your option 1, 2 and just doing the basics.