Is this a bad deal?

[Branden Miletta]

Found a property in the Midwest just south of Indianapolis. Property is a quadplex selling for 200,000 and has been on the market for 87 days. Offered 160k from hard money loan and will refinance out. The property is currently appraised at 220000 so I would be buying into equity that i would be refinancing out of to pay off the hard money loan. Current rental income is 2470 a month with one long term tenet and 3 short terms.

Is this a good idea or what should i be weary of?  

[Greg Scott]

If it has been on the market for that long, it wasn't a good deal at $200K, let alone $220K.  Who did the appraisal?  

It might be a good deal at $160K but I would try to find why others didn't like it at $200K.  There may be some deferred maintenance that needs to be addressed.