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I always go for the crossroads better Oleg's the Zombie Bridge and the Capital. Because in my mind it would be a valid trade route in the future. Although the spot most east by the river also makes sense. It's at the meeting point of two rivers. Has connection to Aldori city and then to your capital thanks to those rivers. Also has a nearby guarding tower, which also makes sense.
TLDR:
River slot has different layouts with one more building slot for piers.
A few of them near capital and some far away for teleporting and save precious days.
But Rivers are a logical location, you have both a source of water and a natural road (the river) for trade, moving goods, fishing etc...
Most older cities have grown near a river/lac.
You do get a chance to cancel that offer later on, it takes 60 days if I remember right but early on those 500 BP can be worth it if you haven't much money to buy BP and setup your second village.
Early game, you want your towns to be as close to the capital as possible in order to reduce the travel time wasted when doing artisan quests. Late game you want them in strategic locations so that you can use portals to reduce travel time across the map. Since you can't move them, you are going to have to balance the two needs to the best of your ability.
The first town can either go right next to the capital, or right next to Olegs. The latter is the more strategic (late-game) position, but since you will need to walk to Olegs many times in early game, placing the town there doesn't really waste time as you can complete quests whenever you pass by.