Market value vs cashflow

[Jacob Butler]

Which is more important for an investment in your opinion in regards to buy and hold, getting a deal with a lot of cashflow or getting a deal under market value for a lot of instant equity? for example a deal has come up with a lot of potential cashflow about 900 a month after mortgage (less after repairs ect) but the owner is asking far above what i think the property is worth (it was appraised a few years back at 161000 and hes asking 229000) I think i can get it for 170-180. I'm curious as to what people think about this scenario and this topic in general.