Appraisal: Income vs Comps

[Elena Nelson]

Buying a fourplex that I would like to rehab. When I go to refinance are appraisers going to be looking at income or comps? I know it would appraise much higher if they are looking at income. I don't want to put too much into the rehab if I can't get it out. Any knowledge on this? Thanks!

[Bill B.]

I woulda assume comps on anything less than 5 units. How was it appraised when you bought it?

Ps. With today’s low cap rates you might actually get a lower appraisal based on income than comps.