How to structure my mortgage on first rental property help!

[Jenny M Valcore]

Hi All! I am in contract on my first SFH rental property and would like some feedback/advice/comment on how I should best jump into the loan on this property with my current financial situation... here are the details and thank you for any/all who comment and give advice!

Sale price $163,000 , - property needs approx 10-15k rehab to get market-rent ready.  [I have Good credit, not excellent, and I have 50k at my disposal to get this project going]

Conventional Loan for Rental Property. Requires 15 down at least.. 

Question.. should I put down 15% or  20% ?

1. Cash invested at closing @ 20% = 38,000 w/rate lock at 5.75% [cost .8 points] [[ $761 mo mortage/interest cost ]] 

[$12,000 left for rehab work  |  tighter budget restriction and greater cash flow potential, more money left in the deal, but greater potential to cash out or HELOC sooner ]? 


2. Cash invested at closing @ 15% = 31,500 w/rate lock at 5.75% [cost 1.8 points] [[ $829 mo mortage/interest & PMI cost ]]

[$18,500 left for rehab work | bigger budget for expenses and less cashflow potential, less money left in the deal, longer time to be able to refinance etc? depending on market.] 

Thank you all!