DEPENDS ON THE INVESTOR.

I voted for “An existing, but recently renovated property”. In 2015 enough people have seen renovation shows that the extra cost of buying a renovated property can be less than the cost of buying an unrenovated property then improving it, particular once you consider the risk of breaking something.

For me, I can do any analysis in Excel, but I have the aesthetic skills of an accountant and my practical “skills” may devalue a property. I’d rather let somebody else take these risks.