I have a similar situation. Gigantic EFC, own a 620 sf rental condo. My wife and I owe $0 on it. Not living paycheck to paycheck but the EFC is about a third of before tax income. I knew it would be that way as got $0 financial aid for my now college Sr and our financial situation has improved.
I also have kids that are perfectly four years apart so not having two in at once also has an impact.
I have a budget so some schools just don’t make sense, looking for merit at some and some in state/WUE schools are under budget.