AppFolio, Inc. (APPF) is a Software-as-a-Service (SaaS) provider that focuses primarily on real estate with a minor interest in legal products. AppFolio has some positive factors going for it, including strong revenue growth of 33% YoY and recent acquisitions that will enhance their suite of products. But in my opinion, the company is heading in a dubious direction as there is strong competition, limited Total Addressable Market (TAM) and the stock price is overvalued relative to other SaaS stocks. While AppFolio stock price may appreciate in the current SaaS bull market, I would