Refi on duplex based on comps or rents?

[Mark Douglas]

I'm looking to do a cash-out refi in the next few months (still rehabbing, about to rent out), and I'm wondering how the appraiser will get a value on the duplex. Are appraisals for MFR based on the rent coming in, or comparable properties in the area, like with SFR appraisals?

Also, how much consideration is there for the improvements that were made?  (vinyl flooring instead of carpet, new kitchen, etc.)  I'm not renovating much more than what's typical in the area (C, C+ area) but almost everything had been original from 1985, so it's updated quite a bit.

Thanks !