How does a roof affect the home appraisal?

[Trey R.]

Trying to decide whether or not I should get a new roof now or not.

The current roof is 23 years old and needs replacing.  There have been no leaks but shingles go missing when a big storm comes through and they have to be replaced.  It shows pretty much every indicator of needing replaced other than leaking.

I'm in the midst of fixing my house up before renting it out for the first time and was going to do a cash out refinance on it.  Would getting a new roof affect the appraisal very much?  

Trying to decide if I can wait a little bit longer on the roof or if a new one would help in getting a higher appraisal on the house.

Thanks and hopefully this is the appropriate forum.