Offer price question

[Chuck Astleford]

I'm putting an offer on 5 rental houses (in a package) tomorrow and will be purchasing using a land contract.  Over the next few months I'll be doing repairs to increase value so I can refinance to pay off the land contact.  My question is -- the appraised value of the homes together is $110k.  I'm wondering if I should offer less than appraised value.  The rentals all cash flow (including holding money for property management/maintenance/vacancy/cap exp.) at or above appraised value but wondering how far low I should push.  Any schools of thought?  thank you