Great to see someone on here from Hagerstown! Way back when, I did an internship with the Suns when I was in college. Worlds apart from Southern CA, but I had a blast and it was good to see a part of the country with some real history.
On to your question- it depends on your available capital. If you need an HML, I'm guessing you don't have a lot of available capital. So, I would err on the side of not owing gobs of interest if things go south. If the spreads are equal (% wise), I'd take the lower priced property to minimize downside risk if I didn't know what I was doing. Heck, I have plenty of available capital and I DO know what I'm doing, but I take the lower priced property in this situation most of the time anyway, because, as Brian mentioned, your turn times will be faster.
One thing to remember about flipping is that your turn time is just as important, if not more so, than your margins.