Is consistent cash flow worth paying appraised value??

[Collin Schwartz]

I am looking at a 4 unit multifamily property that could has 8.5% cap rate and produce 12% cash on cash return. The projected cash flow would be approximately $80 a unit a month. The property is in good shape but I do have a concern with area. The property is in a stagnant area with little to no foreseeable growth. What also concerns me is the purchase price would be near or at the appraised value. Any opinions on doing a deal like this?