Two foreclosures deciding between
I am in a bit of a predicament. A good predicament. Deciding between two homes for a buy and hold. One home is significantly larger 2.8k sq/ft and another 1.4k sq/ft. Both homes will cash flow nicely, but the 1.4k sq/ft home matches other homes in the community (it is a relatively new 2009 double-wide), and is nicely located to the cities best elementary and high school (with a mile between each).
The larger home looks 'too nice' for the surrounding community. Newly renovated 1950 home, that looks like a home I would even live in (not that that matters). New roof, HVAC system, vinyl siding, hardwood floors, paint, cabinets, bathroom sinks and showers, etc.. It is right next to a busy highway however, 1 mile away from a high school (below average in quality), but 3 miles away from a local private college that is quite reputable. The crime level is moderate in this area, and I worry I won't be able to rent it out to the quality tenants I would like; it also looks too nice to rent out to college students. It does have hardwood floor however, which is much better than carpet (I'd have to replace) in the double-wide. This home has potential to cash flow more, but I fear at a greater risk of vacancy. I'd have to ask $1000 in rent to meet my $150 cash flow criteria as opposed to the double-wide $800 to meet the criteria. This home costs 20k more than the double-wide (both which looks to be fairly good deals).
Which would you personally choose?
Thanks for the help as well my friends.