A tale of two properties

[Martin Lim]

I was recently looking for a property and came across two very different opportunities.  Was wondering what everyone though of them.  Which would you pick to invest in?

Property #1- 2Bed 1 Bath good neighborhood.
- Condo in decent neighborhood
- Schools rated 9 & 10
- Popular area for families
- Comparable houses in area are 3-4x the cost
- Cash flow is close to 0
- Price and rent will steadily go up with time.  So will start to cash flow steadily each year.
- Built in 1980's some minor repairs.  But looks solid.

Property #2 - Duplex (2bed 1 bath each) 
- Duplex in a poor area, next to small airport
- Schools are decent, but not stellar
- Instant cash flow of about $400 a month.
- Zillow trend shows appreciation close to inflation, very slow.
- Built in 1960's, so might be hidden repairs.