Should I close? Rents aren't what was stated and barely meet 1%

[Tiffany Norte]

I have a contract on a duplex in Independence, MO. We've done the inspection and appraisal and everything looks good, just the roof is a little old, no big deal. The contracted price is $110k, appraisal came back at a value of $111k. My problem is this. Normally I prefer to make sure I have room for maintenance, vacancies, management, etc and I look for a purchase price around rent x 70. When I first looked at this property, the rents were stated at $675 per side. During the due diligence phase, the rent rolls came back with $675 and $600. Now I have the leases in hand, and they are only $615 and $600.  I'm really just not sure that it's worth the purchase price of $110k now. At these rents I would only be looking to pay $85,050 for this property. 

So my question is do I move forward and spend an extra $25k over what I would like to spend on this property or do I cut my losses (about $2k) and cancel the contract? I'm out of the due diligence phase now, so I'm not sure that I can renegotiate. Is my rent x 70 even a reasonable place to be looking? I'm afraid I'm limiting myself only to run down units, and this one is in pretty good shape...