Appraisal came in low

[Robert Fuhs]

I could use some advice. I am in the process of buying my first rental property. I just learned that the appraisal came in 10k under the asking price. It's a turnkey deal so there's no room to renegotiate the price. ROI is still 10% even with the extra cash I would need to throw in. It clears a little over 200$ a month cash flow after all expenses. So, is it still a good deal? Any thoughts from those who have been there before? Thanks!

[Account Closed]

Originally posted by @Luca Gobbini:

I tend to disagree with the other comments, the market value it's important but if your numbers work than go for it. You have to figure out how much cash flow you need out of that property. Also I think I read somewhere on the forum that you can ask for another appraisal. Any comps in the area?

OP stated $200 a month cash flow.  OP stated buying $10,000 over market.  $10,000 / $200 / 12 = 4.17 years!   How many properties will you buy from me where I get to keep the first 4.17 YEARS of cash flow?  Contact info in profile.