Tax assessed value 120k less than asking

[Kody Henderson]

Looking for advice.

I found a small multifamily for sale and the tax assessed value is $120k less than the asking price. Rents are slightly below market and has long term tenants in place.

At the full asking price the property would cash flow about $500/month with 20% down at current rents. With a 13% ROI

At the tax assessed value the property would cash flow approximately $800/month at current rents with 20% down. This would make a 18.5% ROI

Should i try and negotiate the price down?

What would be the best way to go about this?

The property cashflows at full asking but 120k above the tax assessed value seems a bit high.