Is buying property at 85% of value wise for buy & hold?

[Kelly P.]

I have read how many investors who subscribe to the buy and hold philosophy believe you should buy a property at no more than 85% of value. I wanted to get the BP input on this topic. I have an opportunity to buy such a property - move in ready and good cash flow.

Here are the particulars: $90k value, $77,000 purchase price (20% down, $66k finance), rents $1,100/month.

Are there times where you pay a little more than 85% because of good cash flow?