Appraisals

[David Greyshock]

I have been looking at turnkey investment companies lately for out of state investing.  One of the common themes is that there may be a discrepancy between the asking price and the appraised value(possibly higher)  Sometimes, this may push a 20% down payment into a 30-40% down payment because a bank will only lend 80% of the appraised value.  

My question is:

If a turnkey company actually spends a significant amount of money to replace the high ticket items, e.g. AC, furnace, roof, water heater, etc., why wouldn't an appraiser be able to account for that when using comparable sales that haven't had significant capex items done? A house built in 1980 with brand new EVERYTHING should be worth more than the same house with original mechanicals.

If big ticket items are essentially brand new, why shouldn't it be accounted for during the appraisal?

I understand the difference here between SFR and apartments, but still, a higher down payment in these cases may mean the difference between buying 1 SFR and 2.