3 Units appraisal came back 50K below

[Najat F Kessler]

I made an offer on an offer on a multifamily 3units.

The appraisal came back around 50 K below the negotiated price and 70K below the original asking price.

The house needs some repairs around 15-20K. I am not sure but I think the house is worth around 360K. The rental income would be 3700-4000/month.

The seller has ordered and paying for a 2nd appraisal and we are waiting for that to in.

How would you handle this situation? What does this mean?

Please enlighten me with your expertise.

Thank you!