Thoughts on pros and cons of each? Right now I'm thinking that the lower priced home would be better because I can theoretically continue to buy more homes because I'll have more cash available for down payments, but I have a long term buy and hold strategy so I don't want to ignore appreciation. Both homes are in nice neighborhoods and so far I have 3 high quality single family homes that have always gotten premium rents so I'm continuing with that niche.
Welcome @Elizabeth Woolf. It looks like either choice would be great! If you can find more than one of the lower priced homes, you will leverage your money more and can expect higher return on investment, theoretically. It really depends on the purchase price for each. It sounds like the lower priced property will actually give you a higher % return, so that would seem to make sense. I would go with the "bird in the hand" for returns over speculative appreciation, especially if it's only slight. Good luck.