Investing in old multifamily vs new construction

[Catalin B.]

I was wondering which one of these two scenarios might be better (assuming $1 million budget):

1- buy an old apartment complex, remodel and collect rent (maybe get a 8-9% CAP rate return)

2- buy a bulk of brand new townhouses or even single family in the same development and rent them out ...I've seen new properties around low $200k in the SE (very low price per sf...I'm not sure how some builders can still make a profit selling below $130/$140sf)

Any thoughts on this?