IMO $4.99 is a little bit too low.
$5-10 is a reasonable price for a RTP RPG game with 10-20 hours of content to me. If the writing and gameplay is good of course.
If your RM game has
good(bolded for importance) custom art and music then $15-20 is a reasonable price, IMO.
A game that uses custom art for the sake of having custom art doesn't always add more market value in my eyes. Custom art needs good consistency, design and color palette to look good. Which is quite tough to do without a senior artist on a team, honestly.
If a game doesn't look good then personally, I wouldn't play it unless the gameplay or story is truly amazing. Or unless the game has some kind of unique, thought provoking personal statement.
As a paying customer I don't judge a game's market value with "effort". I only judge the final product as it is. So it doesn't matter if a developer spent 500 hours on custom art. If it's not done well then it doesn't add more value to the final product, unfortunately.
I think 4.99 is too low for a game, you may want to price your game slightly above average price of similar games. This is because there will be paying customers for every price range. If your price range is slightly above average, you still get more money from players willing to pay a bit higher. Then you can slowly reach "I only pay $2 for my game" groups with steam sales over the years.
However, I think if your price range is WAY above average price range, then there is a risk of high refund rate if your first 2 hour of the game isn't good. I've heard horror stories of indie developers getting close to 50% refund rate because their price was absurdly high.
Definitely do more market research, that will make it easier to make the pricing decision.
