The house is a bit older and needs a face lift, it appraised at 170k at the condition that it was in.

So if you have the cash you buy it, then you can refinance in 6 month or do delayed financing (less than 6 month) meaning you just get a loan on the property (normally 70-75% of appraised price) and take back the cash to buy more.

We all know in this market or in March 2021 there were a shortage of properties and people were giving 20k over list price, and no buyer kickbacks.I asked my older brother numerous times where the appraisal was and he gave no reply.

$285 seems low for Charleston these days - sometimes it helps your appraisal and refi amount to have a broker go over comps and see how much your home is really worth.

Here in Maryland I had the honor to be appointed to serve on the state board that regulates inspectors and appraisers, and sat on the sub committee that reviewed inspector complaints.

A retail lender or broker can do it in less than 30 days fairly easily.The catch, though, is appraisal turn times for your area.

Here in Northern Florida what we've seen is that earlier this year a lot of owner-occupiers snatched up properties at bid-up prices, got all excited to be going into their dream home, and then the bank sent the appraisers out and the appraisals came back at significantly less than the price the house got bid up to, and they didn't have the cash to make up the difference. 

From a financing perspective, the appraised value will be based on comps, so the income of the property will have no impact on valuation.That said, if this property brings in $2,900 per month in rent (725*4) I would be very surprised if it didn't cashflow quite well at a $279K purchase price.  

Has there been an appraisal?

The deal closed and worked out with some extra closing credits, and the appraisal also came in lower which helped get that price down to better reflect the property.