I'm analyzing 2 properties as serious contenders for my first deal (long term rental).Would you pick a lower CoC in a "better" area or a higher CoC on a "lesser" area? 

Think of it this way: if there is a second, or third offer that is the money the seller wants, and the buyer is qualified, why would they take a chance on alienating that buyer to contend with several other lower-priced buyers? 

But if each of them are honest to God contenders and require a lot of due diligence to select the best one then maybe I can understand.

After looking for off market leads, I developed a relationship with a couple possible contenders who showed strong interest in selling to me.

Having a large dog to contend with does not universally ensure this.$250 non refundable pet fee (don’t call it a deposit... repeat do not call it a deposit.)Some landlords I am friends with also charge an additional refundable deposit in addition to non refundable fee.$35 to $50 a month pet fee per pet (if you allow multiple).

hard to contend with that kind of coin my friend. 

In my defense, I contend that everything in my original post is true.  

Id contend the higher the percentage it goes, the worse the market.

I have to contend with neighbors always wanting to be in my business which is frustrating to say the least.

I also wanted to add in my area many banks board of directors from failed banks that the FDIC took over are now being sued for damages.The FDIC says they were given a compliance letter that there ratios were out of whack and they needed to change loan practices immediately to protect the health of the bank and shareholders.The FDIC contends they ignored their responses and are now suing them for negligence.Will have to wait and see how these cases proceed in court.Now you know why many banks won't touch non-vanilla stuff.