Overpay for solid cash flow and current tenants?

[Scott Mcquilkin]

House is currently assessed at $100k.

I think I could find other comparable property for $120k.

Owner will not take less than $140k.

Current lease to fraternity for $3300 - runs until 2019.

House is in decent shape after visual inspection, nothing broken, needs about $20k updating.

Have bank statements showing leases are current.   

I guess it's kind of like buying the lease vs buying the house.

Is it worth it to overpay?