Memphis -Low appraisal value - Please advise

[Amit C.]

I offered 85K on a property in Memphis but appraisal came back as 72,000. I do have appraisal contigency so i can come out as well.

But In this case, would you recommended to counter Seller  $72,000 or move out. expected rent is between 800-900 ? Teneant is already placed till march for $900.

Thanks for all the help.