Turnkey Properties overpriced?

[Michael Sarrail]

Can of worms being opened? Yes, I know ... sorry. But I do have what I believe to be a legitimate question and hope to get some honest feedback.

Now, I know there are lower cost options on buying rental properties. You can buy distressed, rehab then rent. You can find an undervalued property. You can PM yourself to avoid the additional cost inherent in buying TK. Lets say those are off the table because you are starting out and needing to invest in areas outside your local market.

Getting past those options, and others I missed, I have the following question. I read many posters saying that turnkey properties are, in general, overpriced. Some say that they are over market value. I am sure this can be the case at times.

Buying TK and using financing, the lender requires an appraisal. If the appraisal is higher then the selling price would that be evidence that the property is at least at market value if not under ... even if only 5%?

How much weight can one give to an appraisal made during the purchase process?