Yes -
are you handy?
how much are the renovations going to cost- if you do them yourself, or if you hire them out?
How much will the renovated house be worth when you're done?
I've made quite a bit of sweat equity on homes in the past. Especially if the renos are just cosmetic (paint, flooring, tile) and you are handy AND have a good decorating eye, you can build some instant sweat equity into a place. If, on the other hand, the renos are structural (plumbing, electrical, foundation, roof etc) they are likely to cost a lot without adding significantly to the value of the home.
Also what about location, location, location? Is one of these homes in a more desirable spot, or have a better lot?
And if you are just too cash strapped to be doing the repairs, then you should not buy the fixer. Things often do cost a lot more than anticipated.