Making Equity Happen

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Hello BP World My question to the experienced investors has to do with creating equity in a property (let's use small MF's for this example) by the following: 1. Purchase property at "X" price. 2. Bring rents to market value, equating to more than double the rent when bought the property along with some upgrading. Turn the 1 bed unit into a 2 bed unit, re landscape, remodel, etc.. 3. Get the home re-appraised and pull out the equity to use for another down payment on another small Multifam. My question is, when appraising an investment property, how much does the appraiser look at the rental income? Is this the appraisers first and foremost criteria to base their judgement and comps on the property to value it? Basically, I'm trying to get an idea of how much I could expect the property to appraise for. If I brought the cap rate from a terrible 2-3% up to a whopping 12%, how much value was really added? If I back calculate what the sale price of the home would be to create an 8% cap rate at the current rental income, is this a fair estimate ballpark of what the house could appraise for? Or do appraisers look more at the fact it's just a 2 bed 1 bath duplex and base the value off other duplexes in the area that sold recently with 2 bed 1 bath duplex around the same square footage ? Many thanks for helping out a new investor.