Is it worth overpaying for good cash flow? Need vet advice!

[Mark McNutt]

This could potentially be my first investment. I have been looking for multifamily properties for months now and to my knowledge and experience, nothing that fits my personal situation has come up yet but i do find myself faced with one potential opportunity. 

Right now Im paying 700/mo in rent. (This will be relevant information shortly)

The property that Im looking at is a triplex being sold for 120k in an area that my realtor said should be selling for about 110k. The lowest the seller is willing to go is 115k because thats how much he still owes on the property after buying it about 5 years ago. After i do some minor repairs and adjustments through my FHA 203K mortgage (I will be living on the property), It will probably be at an estimated 135k that im buying this property at. My realtor advises that this building will likely not appreciate very much at all in the long term but i could profit about 4 or 500$ after mortgage and expenses are payed.

My question is Would it be worth overpaying slightly for this property to free up the 700$ im paying in rent plus adding an extra couple hundred dollars to my monthly income? Or is it absolutely stupid of me to overpay for a property that i will likely never be able to sell for a profit?  

The building is in good shape that i know of and its in the Philadelphia PA market and from what i gather, properties are being sold for about 20% higher over market value anyway. Im not too hung up on the specifics, I would just like to know if it would be worth prioritizing cash flow over appreciation from a veterans point of view. Thank you for taking the time to read this!