Assuming the area checks out, I’d rather buy in a high price area that has little to no cash flow rather than an area that has cash flow but lower price.  

@Jordan Miller most Class A & B rental properties bought since 2021 really don't cashflow from day one.Class B will take 1-3 years to start showing cashflow.Class A, 3-5 years.Current investors keep making the mistake of looking back at deals from 5-10 years ago when prices & interest rates were both a lot lower, but NOT rental rates.

that we’ve learned in our 24 years, managing almost 700 doors across the Metro Detroit area, including almost 100 S8 leases:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+ (roughly 5% probability of default), zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680 (around 10% probability of default), some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.

More equity means lower downpayment.  

any suggestions on how I should compare these 2 options?

And offset the previous FHA loan payment showing that you're making the payments for it so it lowers his DTI.

For $10K and a lower rate I'd be willing to consider delaying...but only if I knew that lender two was solid on closing in a relatively short timeframe.

Additionally, I collect a $3900 - $5900 option fee which helps lower the amount that I personally leave into the property and if there is a turn over and the tenant buyer doesn't exercise the option, and there needs to be repairs made to turn the property over, I usually recoup the cost of those repairs with the next option fee of $3900 - $5900 from the next tenant buyer. 

They will be really happy because they can get into a house with a lower mortgage and you don't have to pay realtor fees.

I found this deal through a wholesaler in my network and I negotiated with the wholesaler to get a lower price with the buyer because of an issue with an attached empty lot.