Also, appraisals are valuations at a point in time, and commercial markets can change rapidly.  

Quote from @Elliot Juarez: The city is expensive, but the are smaller markets that make good sense.

This is a long game.I hope this helps.I wish you all the best.

If this is your first step into real estate, I would suggest finding a home that needs minimal work and is in a good rental market.

I was also wondering if the market is good right now in Germany.

Where I lived in Western Ohio the housing market has been in Recession or Recovery for 30 years with no end in sight.

I'm absolutely thrilled with this cash-on-cash rate of return (approximately 24%).My main takeaway is this: while the BRRRR strategy can work in certain situations and markets, it's not nearly as easy as many so-called gurus suggest.

Pittsburgh is a great market to get started investing in.

There was a time when to be competitive in this market your best option would have been to pay cash, but with current market conditions I do not think that is necessary. 

If you have any specific questions relating the German real estate market feel free to ask.Unfortunately most useful information will only be available in German.