New apartment VS Rehab in developing market

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Hello everyone,

Complete newbie here.

I am looking to do my first investment. I am currently residing in Bulgaria, Varna, a mid-sized city on the Black Sea coast (500 thousand people, third by size in the country).

My goal is to buy an apartment to rent. I haven't decided if I will rent long term or short term, depending on the ROI. Here short term rentals are very seasonal.

As a newbie, I was under the impression that buying a brand-new apartment would be the right choice for me. However, after reading and informing myself I understood that I'd have a better ROI by getting an apartment that needs renovation and do rehab.

The problem is that older building here are really crap old. Communism-like buildings that need a TON of renovation. So I was thinking about doing something in the middle, such as:

- Buying an apartment in a building that is no more than 5 years old

- Search for an apartment that clearly needs renovation internally and that can earn force appreciation just by doing some rehab

Is that a good strategy?

What do you advise?

Thank you!