You need to incorporate the type of vintage you want to buy, your ideal value-add strategy, the market and submarket, how you want to buy, etc. 

Single family homes is what drew me to OKC, it seems not ideal for multi-family to me as it seems there's a strong preference for single family homes, it's not a high density metro.

So, you would want to have a plan ideally BEFORE you buy the property if pulling cash out is part of the long term plan. 

There is no hard grading system on investment properties so “Class D” would be a subjective term but ideally it would refer to the “state/condition” of the property, “quality/affordability” of the tenant base and the “rent/income” it could provide.  

The property's initial condition, though needing work, had strong bones, making it an ideal candidate for renovation.

I recommend Class A or B, not Class C if you're going to buy OOS and fly out to the areaAnytime a  turnkey provider, wholesaler, seller, agent etc that shows you a spreadsheet number with cash flow, appreciation, repairs, capital expenses etc those are ideal scenarios.

That said, if you've been a landlord for years and have niche relationships with contractors / roofers (or do the work yourself), then it would seem you're in the ideal position to make this decision. 

Ideally, he would roll the 2-3 million into a multifamily property to hold and cash flow from for retirement.

On an ideal Brrrr you extract all costs including the cost to purchase the property.  

Honestly the suppliers I deal with dont like dealing with anyone but contractors .