Help me pick a better option

[Vivek Kumar]

Property 1:
Listed for $292,500 

Rental estimates $2050 - $2100. 

Year built: 1980 

Renovation cost: $5000 

Built area: 1528 sq ft 

Property 2: 

Listed for $330,000 

Rental estimates $2050 - $2100 

Year built: 1993 

Renovation cost: $10000 

Built area: 1677 sq ft

Both properties are about $50,000 less than the market prices.  Striking factors are:  Poprerty 1 is 15 years older than Property 2. 150 sqft smaller as well. However, of course, lower cost of entry.