Appraisal is Less than Contract: To Buy or Not to Buy? HELP!

[Gaurav Bahal]

Hello BP! My wife and I are contemplating our first investment property, a triplex in FL. It's fully rented, projected conservatively calculated returns are 10% cash on cash, 1.3% price-to-rent, 7% cap rate. Appraisal came back 4% less than the contract which was our original offer (12% less than asking price). Not sure if it makes sense to buy...your thoughts on what else we should be considering in our decision are appreciated!