Mine might not have been cheap since I wasn't able to use magic, but I don't anyways so it was very cheap for me. Here it is.

- Advantages -
Expertise in Long Blade
Immunity to Disease
Immunity to Magic
Regenerate Health in General
Rapid Healing in General
Absorb Magic in General

- Disadvantages -
Inability to Regen Magicka
Light Powered Magery Unable to use magic in darkness
Darkness Powered Magery Unable to use magic in light
Can't use any weapon but hand to hand and long blade (That about filled out the rest of the slots.)

This made me a lich and mage smashing machine right from the get go. While resting it only takes me about two or thee hours to heal. Also, the difficulty dagger was just above average. This is the cheapest build I can think of. I don't think it gets any cheaper than that.