How much weight should a purchase price carry in a refinance appraisal?

[Ravi Kaku]

I'm curious how other investors have experienced this.

Let's say you purchase a property from a motivated or distressed seller at a significant discount to market value. The contract price is well below what recent comparable sales would suggest.

A few months later, you refinance after making minor improvements or simply because you purchased well.

In your experience, how much influence should the original purchase price have on the refinance appraisal versus the current market value supported by comparable sales?

I've heard different opinions on this, especially when the purchase was an arm's-length transaction but clearly below market value. Interested to hear how investors and appraisers have seen this play out in the real world.