If you do you may be able to get better terms (lower interest rate and down payment).

Hokay, at first glance the monthly cash flow is lower than I'd like.

@Jason DiClementeYes thanks for response that was what I was trying to figure out what should I negotiate lower over all price and if so how much?

If income/expense numbers given to you were inaccurate, then I would lower my price to adjust accordingly to the cap rate you agreed upon the incorrect numbers.No deal is better than a bad deal, and losing a few thousand dollars is worth it not to get into a bad deal.The broker can put any description he wants, but he should not be passing over incorrect income & expense numbers.Go back and lower your price accordingly or else walk away.  

It will be lower if the tenant stays for 2 years or more, etc.  

The next 10 face to face appointments will lower offers to make more sense. 

Delayed refi loan amount is based on the lower of cash-out refi LTV OR purchase price.

Of course I would have to pay for an appraisal, but the costs are much lower.  

Some places online may be cheaper, also depending on the amount you are planning on getting will be able to lower price pretty much. cheapsigns.com does 100 sings for $199. 

The increased basis will lower your gain when you sell if you are subject to tax.