There may be cases where you can request a new appraisal that would support a lower value, but be prepared for that obstacle. 

Another indicator is shifts in list price - I've seen many sellers put an aggressive / 'greedy' list price out there, only to realize market demand isn't quite what it used to be and lower the list price by 5-10% (just helped my buyer put an offer in on a place that went from $450K -> $400K).

Depending on your market, you might not get the offer accepted or countered if you are offering a lot lower than list.

The lower the Cap Rate, the Higher the Purchase price will be.  

HomeReady still might be a better loan since the PMI requirement amount is lower but you'll have to meet their income limits. 

Hello,I just purchased a commercial property that was on the MLS for a year.  The city's assessed value of the property is currently $630,000.  I paid a fair market price of $329,000.  What are the steps I can do to t...

In turn your monthly cash flow is lowered as well.

I think we will see the single family home values lower over the next few years and multifamily properties either maintain or increase in value because they are high in demand. 

“This property is priced lower than our competitors because it is out dated.

I guess I was too naive/optimistic in thinking non owner occupied property rates would be in the high 4s and low(er) 5s.