What are my options...

[Taylor J.]

I recently went under contract on a 4 flex for just under 300k.  The property rents for a total of $3550 for a total cash flow of around $1600.  

The issue is the appraisal.  Due to a lack of 4 plex sales in the area the appraiser had to go about 40 miles away to find comps that were not really comparable at all.  The end result is the property is now appraised for 55k less than what I am trying to buy the property for. The property is absolutely worth the contracted price.

We believe that a comp much closer was missed because for some reason it was listed as a triplex. This property is almost identical to the property I am buying and sold for 300k even..  Even if we get them to consider this property I fear there will still be a big difference.

I would prefer not putting any more cash in, as I am already putting down 25%. 

Any ideas on what I can do? Would a local bank that keeps their own notes be more understanding of the situation and take the cash flow into consideration?