There were some lessons learned along the way that I'd like to share. Fortunately, none of them were huge, but all important nonetheless.
-- Insurance: It will be a little higher than you expect. If you think a $100k SFR that insures for $500/year means your 5-plex that you buy for $200k will be $1,000/year, think again. It would seem to make sense, but underwriting on a commercial property is much different and the insurance can vary widely. There are minimums per Sq foot, more underwriting, and different timelines. The advice here is don't guess (or be extremely conservative, like double what you think it will be for your analysis). Also turn around for a policy could take longer (weeks) whereas an SFR policy could be written in days or less.
-- Closing: It will take longer than those SFR's and most likely because it's commercial, it has to go through different approval channels. Which means you get in line to go through a committee or maybe a couple of people (one of whom might be on vacation, etc). So plan for an extra few weeks to be safe. Closing costs on a $200k SFR and a $200k MFR could vary widely as well depending on a multitude of factors. Check with the bank for an estimate.
-- Additional expenses: There are things you will need to pay for (water, lawn care, etc) with a commercial property that tenants pay for in an SFR rental. This varies widely as well depending on the setup, so do your research and put those costs in accordingly to your analysis.
-- Inspections: Depending on the state/local laws there may be additional inspections (no to mention that inspection will cost more than an SFR) that you need to get when ownership changes hands. Do your research.
There may be more to add to this post over the coming days, but I just wanted to get some lessons out there (Those are in no way all inclusive, just items we experienced) while they were fresh.
