Importance of buying below market value for buy and hold investor?

[Marc Steinert]

Obviously for flipping poperties buying below market value is a must, but is it as important for a buy and hold investor? I have found a property that is at market value but cash flows well. List price is $79,000, no major repairs in the foreseeable future and a new rent lease has just been signed for $1100/month. With 20% down and 30 yr financing this easily meets the 50% rule, but I'm dragging my feet because of the market value aspect. Any thoughts or suggestions?