Once your net worth grows it might be worth considering in the future, but for now in my opinion liability insurance + umbrella policy should be sufficient. 

@Darrell Bratton Baldwin County is the hottest market in the state in my opinion.

All that being said, I' have come across a property that seems like a great deal but I want to get other opinions and see if I'm missing anything.$145,000PURCHASE PRICEPurchase Closing Costs$2,000.00Estimated Repairs$20,000.00Total Project Cost$167,000.00After Repair Value$170,000.00Down Payment$7,250.00Loan Amount$141,882.50Loan Points$4,132.50Amortized Over30 yearsLoan Interest Rate5.400%Monthly P&I$796.71Total Cash Needed$29,250.00Monthly income:Rent:$3,500.00Other:$0.00Total operating expenses:Mortgage expenses:Vacancy:$350.00Repairs:$350.00CapEx:$350.00PMI:$40.00Garbage:$20.00Insurance:$56.00Management:$350.00P&I:$796.71Property Taxes:Total Monthly Income:$3,500.00x50% for Expenses:$1,750.00Monthly Payment/Interest Payment:$796.71Total Monthly Cashflow using 50% Rule:$953.29I made conservative estimates on everything.

It will be intersting to hear others' opinions. 

An appraiser ought not care what the property appraised for (because an appraisal is an opinion, not fact) and, realtors would not be expected to be privy to that information anyways, so it would be silly for an appraiser to ask about it.

@Dan White they know how to find the comps and will talk to brokers...also you can get some broker opinion for the ARV. 

In May my friend and sometimes contractor that has an office next to my mixed-use commercial bldg ran into me one day and asked if I'd give him a price opinion on a house he and his 2 siblings inherited from their brother. 

You came on to this thread and immediately turned it in to your opinion on when the real estate market is going to see a downturn Hard to see how that makes me the bad guy

@Chris Clothier, failure is far more helpful than success in my opinion.

@Jason DiClemente Thank you for sharing your opinion.