I don't even know how anyone is answering this question since it's highly dependent on your experience level, how much money you have (cash and access), what your financing vehicle is, where you have boots on the ground or contacts already made, and so much more.

It all depends on the level of involvement you want, versus cost of outsourcing those tasks to a property manager. 

In particular the stress level of managing the property.

BOTH homes have one main level and one basement level.Why would I try to compare a 3 bed 2 bath and try to comp it against a 5 bed 3 bath?

The next level up in there is Axiom followed by Ascension. 

The lake level has dried up quite a bit BUT the property is still waterfront!

Do you need to have the cashflow now, or are you planning on growing the cashflow to some level in the future, etc.

You are learning several skill sets to include parts of a renovation, maybe management of a renovation from a higher level, and you are meeting contractors and realizing time lines for renovations. 

The bottom of the price range will typically have the best opportunity for rehab and rent, and as a bonus the level of distress at the bottom of the asking price range will typically turn off those happy couples looking for their turn-key white picket fence dream home, so competition for bids in that range isn't so crazy.

It does not include leveling of floors, tile or grout.