Should I buy another property or Rehab my primary one?

[Syed Imam]

Hello Everyone! I am excited to be here. I have been a long time listener to the podcast and now I am ready to take first step. 

#1 I recently bought my first Home which is a Condo in July of 2022 as my primary home. I bought it with 0% down for 386K @ 4.25% fixed for 10 years and then variable. It is quite outdated and need some cosmetic upgrades. It is in A grade area and would easily go on rent for about $3000/month. My monthly payments+HOA on the property is about $3200/month. So I wouldn't make any cash flow but its an appreciating property and I would only have to pay $200 and rest I can save. If I put this property on rent, then I would move in with my parents and live there (I am single)

I have some money saved up that I can do the renovations of the house with that. I can do that OR:

#2 I can use the funds to buy another property (~200k), hopefully turn-key or minimal work, and use my funds as a downpayment and put it on rent right away and have some cash flow. 

I only have funds for either renovation or for down payment. 

Please advise, which avenue should I pursue?

Thank you so much in advance