Advice on first property... BRRR or move in ready? WA state.

[Jason Khoury]

Hi everyone, this is my first post here.  I am a recent college grad (May '23) and getting married in August.  I am looking for my first property in NW Washington.  I am considering two properties.  Both are small, but within my budget. With rents being inflated in this area I would rather paydown my own mortgage than someone else's.  

One of the homes is move in ready, with very little potential for value add due to the awkward layout and limiting lot size.  $370k

The other property is very old (1920), with orignal electrical, windows and plumbing. The lot is 3x the size of the other option and the home has very high potential for value add. (Detached garage, larger lot, rapidly growing region) Financing would be FHA 203k.. $380k

My questions are: In todays market would you jump into a BRRR with the upcoming election and uncertainty in the markets? Or would it make more sense to get into a move in ready home and play it safe?

I know that much of it is based on personal risk tolerance but any advice would be greatly appreciated. 

Thank you!