STR Purchase Strategy?

[Jan Dutton]

I'm researching to build a plan to buy my first STR.

What are the pros and cons of: 

1) Buying a property nearly ready to rent and compete in its market.   I.e., there are likely relatively few improvements to be made.   I listened to a podcast this week in which the host asked the guest, "What advice would you recommend to your 20-year-old self?"   The answer was "always buy the premium property."   

OR 

2) Buy a property in tougher condition (but in a good location) and significantly invest to make it competitive.

Thanks, 

Jan