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Updated about 4 years ago on . Most recent reply

Factors for Appraisal Value for Refi
About to start the cash out refi process for my first two rental properties, and curious what all goes into the appraisal process for an income property. Is it any different from a single family residence?
I'm from a commercial background, so cap rates are my go-to, but I'm not sure if that is as much of a factor in smaller two to four unit multi family. Over the last year, I've improved the units quite a bit structurally and cosmetically, as well as raised and stabilized rents. Not to mention the stronger market in general.
Just curious how the valuation process works on the part of the banks, and what I can be doing to best increase my chances of a top appraisal. Is there any sort of "package" I can present showing before and after photos; something as simple as that?
Or, do I just sit back with my fingers crossed and hope for the best and get a favorable appraiser on a good day?