Risk vs Reward less desirable area/more desirable

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Hey all, just seeing if anyone has any insight on the following. 

If looking to tie up the least amount of cash possible, would the risk outweigh the rewards if looking to purchase a low value home (80-95k), no major updates needed just minor cosmetics but not in the best area/ possibly sub par tenant prospects .  

Or would it be a better idea to just ponie up more cash and buy a property in a better area (150k) with better prospective tenants. Still only cosmetic needed.  

I'd be looking to just a buy and hold . Clearly the second option sounds better, however, since it would be my first purchase  I'd feel more comfortable starting with something much smaller in value and tying up less cash (20%down). Has anyone purchased both of these scenarios ( a lower value/ less attractive area and higher value/ better area). Would the pros outweigh the cons for either?