What do you think about this deal

[Patrick Rowe]

I have my first rehabb under contract for $62,000 it's a 3br/2ba 1531 living area. I have a local bank that will finance 90% of the deal. There are housing in the area selling for $90 per square foot. My banker had the house appraised and it came in at $106,000 which equals $69 per square foot arv. I estimated around $10000 - $12000 in repair costs. My questions why is the appraisal come in lower and do you think this a good deal? There is one pending at $85 per square foot and it will close on the 3-29-13 l. Also there is on active at $90 per square foot and all properties are identical.