Is Elder a rarity added in FoV/DKS? In any case, anything contained in the rest of this post applies to ED. It probably applies to DKS as well, but I can't be 100% sure.
As for properties (I assume you mrean the random stat boosts in blue), I'm pretty sure they are based on the item's level, NOT yours (the item's level being the "Requires Level X" stat). The exception is random jewelry, which has no level req, and seems to base its possible buffs on your level. Random enchantments are based on your level, though, except if its a pre-determined item (a unique weapon, as my guide calls them).
So no, there's no reason to wait, unless you want to hope for it to have enchantments to be on it that usually require a Malachite Gem (assuming those are still limited in DKS).
