Can you refi to new higher assessed value and eliminate PMI?

[Luca Mastrangelo]

Im looking to buy a property in MA that I can live in for the next 2-5 years and then rent when Im done.  

Properties range from 300-400k.  I could put 20% down but will leave little to no room for improvements/work that needs to be done.

My questions is, can I put 5% down on a fannie loan, use my remaining cash to upgrade/rehab the property and refinance in 1-2 years for an increased value, ideally 20% higher and then eliminate PMI based on the new higher assessed value?

Any thoughts? TIA

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