Appraisal Value vs ARV

[Tim Ivory]

Sometimes its tricky finding answers to very basic questions but I need to verify that an appraisal report is usually the current as is value on a property, is that correct. Is an appraisal the minimum current value on the property? The house appraised for 140K but needs 40K of work with sparse comps, so its not clear cut what the ARV on this is. Just because a property is appraised at 140K and I put 40K of work into it, doesn't mean its ARV is 180K, correct? Heck, even if I put 200K of upgrades in it, the property won't be worth 340K.

Very clearly, an appraisal is the current AS IS value of the house. It is worth that much despite the roof leaking etc, right.

An ARV is an entirely different ballgame, right? Or, is the answer to these questions specified in each of the reports and it could vary, sometimes its the AS IS value and sometimes its the ARV?