Appraisals and Refinancing in Providence/ Rhode Island
We just completed two refis in Providence but the appraisal didn't come back at the target and I'd love to hear any stories from local investors who've followed a BRRRR strategy.
Hollis St - Realtor.com $207,000, Zillow at $274,000, Trulia at $261,000, appraised for $230,000. It's fully occupied four-unit that rents for $3,675, so even at $270,000, it still satisfies a 1.4% gross yield.
Harrison St - Realtor.com $198,000, Zillow at $262,000, Trulia at $200,000, appraised for $200,000. Also, fully occupied four-unit that rents for $3,200, so even at $240,000, it still satisfies a 1.3% gross yield.
The worst part was both appraisers used comps from over a year ago, and in a hot market that makes a big difference, and I'm confident they were anchored on the purchase price (both acquired ~15 months ago) even though we invested in upgrades.
Would love any thoughts or stories.