Triplex or Mother in Law?

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Hey everyone I am trying to get into my first property and I have a dilemma. I currently have a triplex under contract well below appraisal value but I am reluctant to close on it because it was built in 1920 and eventually wiring(knob and tube) and some plumbing will need to be replaced. Overall there will be more things that pop up that need to be fixed which scares me. 
On the other hand there is a single family home with a 2 bd 1 bathroom mother in law with it that we could rent out and eventually turn into a duplex. It was built in 1950 so it would mostly just be cosmetic updates. While we would live in the triplex we would be spending about 900-1000 a month after rents on the mortgage and with the mother in law probably 1300-1400 a month after rent. Considering cash flow would only be about $200 better with the triplex after we move out what would be the best option for us? Lmk if you guys have further questions! Thanks in advance!