Indianapolis - Appraisal came in low, any way to get it adjusted?

[Rodney Kuhl]

I purchased a property in Indianapolis at a good price ($39k), well below what the comps show for the area ($50-60k for rental grade, $80-100k for retail). However, because the appraiser knew what the purchase price was, his appraisal came in just above that value so that it was just enough to cover the loan.

My strategy when buying the property was to buy it at this low price so that I would have a good amount of equity when purchasing it, so that in the next year I could re-finance the property, pull the equity out, and use that equity to purchase another property. However, now that the appraisal came in low, there isn't enough equity to do a cash out re-fi. If I were to re-finance I would obviously have to get a new appraisal and this one wouldn't make a difference, but had this one appraised for the value of the comps I would feel more comfortable with the strategy in a year. But with that appraised value, now if I were to look to re-fi, I'd essentially be forking over $400 and crossing my fingers that the appraisal comes in where I would expect it to based off the comps, but if it doesn't I'd just be out $400.

Is there any way to get an appraiser to re-evaluate? If not, when looking to re-fi, is there a way to get the appraiser to forget about the purchase price and value it properly based on the comps?