What do Appraisers look at?

[Nate Baumann]

In a few months I am going to be refinancing an older (1940's) multi-family property. This was purchased as an owner financed deal and was not appraised when I bought it.

I am wondering if anyone has some tips on what are the obvious things appraisers look for. This place has older wiring and older plumbing. There is not much that I can do about those things at this point. However, I want to make sure to have as many things in order as I can. All your pointers would be greatly appreciated!