If you are making this a personal residence, then ROI should not matter as much, since Ballantyne is a desirable area and the chance for appreciation should be greater here than some other Charlotte area locations you might consider. You will be unlikely to see a disproportionate increase in appreciation between the 2002 and 2013 properties. Generally, the value of a 0.2 and 0.42 acre parcel will be modest, especially if the value is based on a finished lot and not on raw acreage (which in Ballantyne, is probably the case). To do a true ROI comparison, you would have to make assumptions about rental rates and the cost and timing of repairs, appreciation and increase in rental rates. The price you pay for the 2002 home and its current market value will make the greatest difference in overall ROI. IF you can buy it at a price that factors in the future repairs, it would probably be a better deal. I'd contact an appraiser to evaluate if it is a serious investment where ROI is critical. If you appreciate an answer, please give thumbs up. For the most helpful answer, please say thanks with a best answer click.
#2 Is one location more prefable than the other? i.e. schools, commute, shopping
#3 if you're financing, consider the extra 20K may only cost you about $100 more/month in a mortgage payment, depending on your interest rate, credit worthiness, etc.
#4 Who is the builder of the new home? What is their reputation? Are their other comparable developments in the area that they have built in and how are home prices doing there?
There are more things to consider, but without knowing the total picture, these are a few items I would think about.
If you have any specific questions, feel free to contact me anytime and good luck!