What should I buy?

[Marshall C. Call II]

Hi folks! I have a little money to buy my next buy and hold. There are a few houses on a street where I already have a house. There is a possibility I can get 3 houses for under 10k each but they aren't for sale and I would have to direct market to the owners. I don't know how long it would take and I'm not even sure I would get a response so I could be wasting time. These houses are uninhabitable at the moment. Alternatively I could buy 1 house that requires less rehab. If I buy the 3 houses, I can rehab 1 of them and the other 2 would have to sit until I could afford to rehab them, probably both by the end of next year. These houses would rent for around $500. If I buy a nicer house, I would have to finance but could rehab for under 10k and have it rent ready in a couple months. Probably around $950 in rent and this house will appreciate faster. I'm not even sure the first 3 would appreciate. It's very attractive to me to have 3 houses that would all be free and clear in a year and a half but it would take much longer to get my money back. Any thoughts would be greatly appreciated!