Help with evaluating 2 deals

[Jim Truman]

Good morning. My wife and I are new investors. We've been studying for about a year and have identified the market where we'd like to invest and have also decided to focus on condos, at least for our first property or two. We have our reasons for this and this thread isn't about condos vs SFH. Also, since we live in a very expensive area, we are focused on out of state investing.

Our goals are long term passive income not so much current cash flow, although we'll certainly take cash-flow if possible.  

Please understand, we don't really like real estate, don't enjoy thinking about homes, and don't want our life to be consumed by worrying about properties. So for our initial property, we're looking for a relatively painless way to get our feet wet and get used to this whole idea. 

Our realtor/property manager has two condos right now that are both attractive. I'm very interested in the thoughts of the group. 

Condo #1: 2 Bedroom 1 Bath. Class C but seems to be up and coming (near some new corporate developments, and a up an coming updated waterfront  development.) Newly renovated. Price: $30,000. After all expenses I think we'd cash flow almost $300. Cash on Cash is around 10-11%. It's a cash deal. 

Condo #2: 2 Bedroom 2 Bath. Class B suburb. Newly renovated but still needs about 3k in improvements. Attached garage. Price:$90,000. After all expenses we'd cash flow possibly $100. Cash on Cash is closer to 4%. 

Our realtor is suggesting #2. It will probably attract nicer tenants and is in a nicer area. This makes sense. But we also can't get over how cheap and profitable #1 is. 

If I stretch both investments out over 30 years, they almost seem to be equal - cash flow over 30 years plus the value of the property. (Barring any appreciation which is impossible to know. The suburban one could tank while the cheap one's neighborhood explodes.) 

So I am interested in your thoughts. As brand new investors. Would you put 30k into #1 and have a cash flowing small condo or put it into financing #2 and have much less cash flow but a more valuable asset?  

Thanks so much!