Starting out. Overwhelmed.

[Account Closed]

Partner and I have been pre-approved for $350K. Combined gross annual income about $110K.

Looking to buy in Greeley, we are willing to live in the basement and rent out the upper part of the house to increase profitability.  

Realtor sent us two options at exactly the same price: $345K. BUT, here's the differences:

House 1: Built in 1978, 3 Bed, 4 Bath, 2 Garage Spaces, 3,100 Total SqFt, 0.22 Acres, (9,552 SqFt Lot).

House 2: Built in 2017, 5 Bed, 3 Bath, 3 Garage Spaces, 3,204 Total SqFt, 0.14 Acres, (6,000 SqFt Lot)

Both properties are in the same ZIP code, a 7-minute drive away.  It is obvious from the pictures that House 1 would require quite a bit of rehab to build equity and rent out at a good price.  I feel it is overpriced for its condition.  Unsure if our strategy should be focused on building equity on an older house, or buying a new one, when the asking price is the same.