Which Is A Better Deal?

I have an option to purchase 2 condo's for 225,000(as in total for both) they rent for 1050 each, hoa is 250 a month .The possibility for appreciation is very good in this area. The second option is a condo that just came on the market for $96,500, $18,000 below fmv it rents for $850, $70 hoa. I can only afford either or, not all 3. I'm not sure if I should put 20% down to make nice cash flow of 150ish or should put as little down as possible and watch equity grow? I appreciate any input.[ Edited by mcq72 on Date 04/03/2004 ]