Which 4plex, or neither? Help please

[K W]

Hey there, thanks in advance for your help. We want to buy a four plex property and have two in mind. I'll give you the stats for each below. We want to hold the properties for at least 5-10 years. Hoping you can tell me if these are workable deals and which one might be better, and also what type of offers might be reasonable. Not very many sales of similar properties recently to compare with, but in the range of 275,000 to 350,000 depending on age, condition, etc.

I have 25% cash down and extra cash on hand for needed repairs or vacancy issues. I can get a 30yr fixed for about 6%, and will pay water/trash/sewer ($300 mo?), property taxes about $3500 yr, and insurance about $1500 yr. Vacancy rate is at 5% in the area, however I want to be generous with my figures so will assume 10% to be safe.

Property A:
Short sale, listed for $315,000, on market 101 days, 4plex currently rented with monthly rent of about $3,500. Neighborhood is okay, with a few 4-plex properties and other single family older homes - kind of a mixed lot here. Exterior looks good, good curb appeal, have not seen inside yet because it's rented. Assuming it's in livable condition (since it's full) but will need cosmetic or minor repairs as tenants move in/out. This house sold for $650,000 at the peak of the market in early 2006.

Property B:
Bank owned, listed at $349,000. Very similar in style and curb appeal to property A, although this one has a better neighborhood - even though it's only a few blocks away. This one is in an area of well-kept 4-plex properties. Rents would be similar to property A, however it is currently vacant so I would need to allow $$ and time to fill it. The interior, however, is listed as "rent ready" and has fresh paint and some new carpet. Again, haven't been able to go inside to actually see it. This house sold for $700,000 at the peak of the market in early 2006.

Soooooo..... which one is better? I'm leaning toward the more expensive one just because of the neighborhood, but the other one is fully rented - - but who/what might I be inheriting?? Both properties are in southern California near a state University. And the big question - - how much should I offer?

Thanks!!