I have to finish remodeling the upper unit (my unit) and the lower unit lease was just renewed, they're quiet, pay on time, low maintenance, been there for ten years and we just renewed.

That said, brand-new construction can mean lower maintenance upfront and strong initial appeal.

The entry point in OKC is certainly lower than the Dallas area but rents are also lower so you need to adjust for that as well.

I'm wondering if I'd get a better deal & lower down payment options if I move away from traditional lending.

Lower barrier of entry, Better cashflow, good appreciation, more deal flow. 

The biggest challenge is getting owners to understand this as few actually follow any industry data.One of the risks this will cause is lowering of screening thresholds to fill vacancies. 

My ADR is lower but they do well!

Long-term rentals may be lower risk than short term rentals but also offer lower returns.

The syndicator I worked for in the 80s he thought the grass was greener and went to Dallas bought used complex's and sure enough ( especially back then) new ones popped up, nicer units same price or a little lower and his tenants just moved across teh street leaving him with vacancies and out of compliance with the lender who then chose to foreclose as they did not have the cash to pay them off or lower the debt substantially. 

And loan amount is based on the lower of the cash-out LTV or purchase price + purchase closing cost.