Do I have to pay almost full market price at this market?

[John Lee]

Hello, fellow investors. 

I kept overbid and lost the deal for my rental property offers although my offer price is way below 1% rule of rental income vs price (for example, I offer $200~220k cash for $255K listing with no contingencies when the rental income is about $1.5K/month). 

I am wondering if I just have to pay almost full price if it has a good/stable rental income in a great location to start.

Any good advice will be appreciated. Thx