Of course, I will have thorough 3rd party inspections done on both, but they're really clean & solid compared to other properties I've looked at.

Buyers are waiving home inspections, termite inspections, surveys, and giving up reasonable asks like cleaning and pet treatment to be competitive.

My biggest apprehension is that this $36,000 down payment is going to cut pretty deep into my cash reserves (pulling this out of the stock market) and only leave me with about $15,000 for future ventures (without dipping into emergency fund/savings).Not sure what the right answer is here.

At the end of the day it's a matter of preference, so long as the unit looks clean, that's what really sells the tenant. 

Who mows the lawn/cleans the pool/etc and what is the cost? 

In general, updated with clean and modern furnishings is always a good start. 

I have a rental property in East Texas, the plumber is over there every couple months cleaning roots out of the cast iron pipes.

I agree with @Lydia T. these pre-foreclosure owners are not the most motivated, as a matter of fact, they don't realize how deep they are until the bailiff post the 24h notice on the door. 

Empty the property, clean it up, start fresh with a competent property manager that handles these issues so you don't have to.Remember: cheaper doesn't mean you'll make more money.You can start by going to www.narpm.org to search their directory of managers.

Sounds like you will be deep in the hole every month.