Looking for advice : Bank appraisal lower than tax assessed value

[Jackson Sandland]

I'm under contract to purchase a SFH 3/2 in Milwaukee in the 53215 zipcode. It's a nice property in a decent area with shopping, and transportation nearby. I've had 6 interested parties reaching out to rent after a recent Craig's List post, so it looks like tenants won't be difficult to find. Monthly rent is advertised at $1,200. I've crunched the numbers, and it looks like monthly cash flow will be around $100 after saving for repairs, and all expenses etc. I discovered that the tax assessed value is $20k higher than the purchase price, which initially had me excited about the property.

However, the bank appraisal came back at just above the purchase price. Initially, I was fine with low cash flow because I figured with built in equity, I could refinance down the road, get my downpayment out, and reinvest the capital in another property. With appreciation somewhat flat in this market, and low cash flow, and a purchase price at just below the bank appraised value, I'm wondering if this is still worth pursuing.

This house doesn't really need work done before the tenants move in either. I've started to consider getting a property that needs more work, investing in a light rehab, and then flipping, so I'd be renting with better cash flow, and equity in place should I want to refinance down the road. Would love to hear any ideas that I could implement with this current property that could increase the value. 

I'd love to hear advice from anyone who's familiar with this type of scenario, this market, or any insight into investment strategy in a scenario like this one. This is my first property. I'd like to get off on the right foot. 

[Russell Brazil]

Sounds like the appraisal price came in right where it does 99.99% of the time. Right at or slightly above the sales price. You shouldn't expect anything different.