rental property mortgage options

[Account Closed]

Good Morning, 

I am making the move on my first rental property. I narrowed it down to 2 mortgages options and I am having a hard time making a decision: 

Here are my options: 

15 years fixed rate at 4.625% payments = $954.6/ month

30 year ARM fixed for 7 years is 4.75% + 1 point payments = $645/ month

I already have renters for $1700 a month. 

Any thoughts would be really appreciated 

Thank you