How does the age of a house affect appraisal

[Jenna W.]

I have a 2 family I bought for $232k in Sept. research shows with no work it would appraise at $260k. I’ve done $27k worth of work for $17k ( tenant is licensed insured electrician and my boyfriend d is licensed and insured carpenter )

For refi appraisal came back at $260k despite both units getting new kitchens, new floors through out, paint. In my unit we also needed new ceiling and dry wall hung and installation done.

When reading the comps the houses it’s being comped to are 99,119 and 97 years old. They list the age of my house as 129 but it’s 62 years old with an effective age of 15.

How much can age improve an appraisal?

Also I live in the nicest neighborhood in town across the street the state’s largest lake near a boat launch two minutes away. There’s only 2 multi families here my two family and a 4 plex.

They compared had to comp me to some of the worst parts of town.

First time home buyer, property manager by profession for commercial real estate first time as a landlord for a residential property or property I own , any fees back would be helpful

[Ben F.]

@Jenna Williams I would challenge the appraisal and give them all the feedback you displayed here (and all you have in your arsenal)! You're in a challenging MFR sector where comps are sometimes difficult due to the lack of volume of like properties.

Connect directly with the appraising party, professionally challenging their quotes and see what you can come to an agreement on. You’ll be surprised at the results you can unveil by challenging the outcome and being a voice of reason.

Good luck! Nice job identifying the opportunity and taking action! Hope it works out in your favor