Ridiculously low appraisal on a duplex

[Chad S.]

I have a originally built duplex that rents for $2950 total per month and had an appraisal done for a refinance. The appraisal came back at a ridiculous low amount of $202,000. The tax assessment is at $266,000, but I was hoping for something close to $300,000.

This duplex has new everything, including brand new HVAC unit, sidewalks, patio, and carpet just before the appraisal. This is a originally  built ranch duplex with basement and a firewall between the units and all the comps were with old houses converted to duplexes. Most of them more than twice as old, and a couple of them more than 40 miles away because of lack of comps, I guess. 

It seems the appraiser doesn't put to much, if any weight toward condition, age and the fact that my duplex is a originally built duplex. 

Has anyone else had this experience with appraisals on duplexes? This has happened to me on another duplex as well.

[Caleb Brown]

You hinted that they used comps far away. 40 miles is insane to use, I can understand 3-5 miles if it's a rural area. Can you reach out to an agent to provide comps to fight the appraisal? I would also ask about the income approach. If there is a lack of comps then that should be another option. Maybe look at a DSCR loan, might work better for the refi.