Cash out Refi - Appraisal

[Victor Alfonso]

I'm coming up on my 1-year anniversary of owning a particular investment property that I purchased with cash and I'm looking to do a cash-out refi (for more RE investing, of course!).

First off, I'm assuming that the 12-month seasoning period of owning the home still applies if I want to use the appraised value instead of the purchase price?

Also, for those of you that are either mortgage/appraisal professionals or have been in a similar situation recently, will the appraiser use the income approach or the traditional sales comp approach? I'm hoping for the income approach since the rent I get is decent and the recent solds in the area are pretty low.

The house is a SFR in Mableton, GA, and I've had a stable renter with a 1-year lease since acquisition, if that helps.

Thanks for the insight guys!

Victor