Also, you should be focused on constuction lenders who offer best leverage (usually those who will capitalize interest reserve &  finance a portion of the soft costs), lower floors on the rate since most banks tie their construction debt pricing to the fed rate, perhaps offer lower or no pre-payment penalty if the property reaches the permanent financing phase of the loan product before you are able to refinance and low or no required depository relationship outside of the actual operating ccount.

Decided to move to OKC because of the relatively lower cost of living compared to New Jersey.  

The main characteristics were that the exterior walls were constructed all at once with the same stud running from foundation to roof and the floors or levels were hung off of a cleat that ran around the structure cut into the vertical stud.

The mortgage is assumable upon their demise (and at a rate lower than those currently being offered). 

They're likely leveling out, but time will tell.But in your situation, since you won't be cash flowing I'm not sure I see the upside of holding onto the house.

Therefore, there is no real tax benefit to having an LLC.You may also want to have a discussion with your attorney on the real level of protection you would receive from this strategy in your state. 

Emotion, happiness, and lower stress levels are part of the equation and decision making process as well.

Has anyone had a way to lower this cost? 

As far as a multi, personally if all things were equal I'd go for the multi for a few reasons.  1) Added diversification.. if one tenant doesn't pay, you can still cover property expenses with the other tenants 2) Shared capex... typically, one roof and one property to maintain but multiple streams of income 3) Less vacancy.. usually multi's rent for lower, for example one of mine is the sweet spot of 3 bedrooms for $1300. 

I have lost quite a few clients because they were attracted to lower price points in "up and coming" areas.