Help me decide my second deal!

[Lance Balkus]

I have my first investment under contract, it is a 980 square foot 3/1 home with a single stall attached garage. I paid 55k for it and it needs about 20k worth of repairs. The house 3 doors down sold as a 2/1 with 800 square feet for 115k. I am looking to put my second house under contract but I'm leaning towards purchasing a brand new townhouse for between 195-209k. The TH has a 95 dollar hoa, which includes lawn, sprinkler, trash, snow and basic cable. I'm torn because my cash on cash return is the exact same as buying a 60 year old house from a wholesaler. On the new property it is a neighborhood A, versus the neighborhood B wholesale property. I am only figuring 5% cap ex on the brand new and 15% on the wholesale house. The wholesale house does need about 20k in repairs. If I lower the cap ex to 10% on it, it's COCR return is half a percent higher. My system will be a hybrid BRRRR system. I'm self managed so I won't be factoring in any PM at the moment. What do you do? Lastly, when you BRRR and refi, are you taking out your entire investment or are you taking it enough to meet your per door CF? Thanks!