Depending on how the appraiser treats this, they may use either the sales or income approach for value.

how it would impact the bottom line I couldn't speak to, but if you were offering a high quality product at a reasonable price its likely to outweigh the proximity in my mind.  

Quote from @Sam Evrard: Let's say I'm looking to go in at 3.5% on a duplex in the Columbus area using an FHA.

Then the appraiser can use the scope to give you an ARV for the property.

In California, our refinance title fees are often much less on refinances (compared to purchases), but I can't speak to what's customary in Oklahoma. 

Purchase price: $100,000 Cash invested: $100,000 I made a loan to an investor for the purpose of renovating a duplex rental What made you interested in investing in this type of deal?

How I Went from 0 to 4 Deals in Days—After a 3-Year BreakAfter a long pause from real estate investing, I came back unsure of what to expect.Would I be behind?

However, this month was only up 10%, which has slowed, possibly because sellers are starting to realize the market continues to slow.

One unit is fully renovated: hardwood floors, updated kitchen/baths, new paint, electrical, furnace, hot water tank, and roof.The other unit needs full rehab: plumbing, furnace, flooring, drywall, paint, kitchen, baths, tank, and misc.We estimate $40K in rehab with an ARV of $250K–$255K.Rent Potential:Market: $1,300–$1,400/unitSection 8: Up to $1,600–$1,700/unitStrong cash flow potential.

I am running into an issue for the first time where a seller and their attorney are pushing back on estoppels being signed prior to closing.