Refinance cash out appraisal preparation for multi units

[Miho Y.]

Hello BP investors, I'd like to learn how multi unit appraisal is conducted for a cash out refi. there's a triplex to be refinanced for a cash out. It is D class building in D neighborhood with high rental demand. Cap rate is close to 8% while the neighboring is maybe 4% or less. To me the higher cap rate with steady tenants are all that's matter. But the appraiser standard maybe otherwise. It looks okay as-is and everything is functional, but the paint on the trims are peeling. With such a short notice it is a big hassle to arrange the painter and short notice to the tenants. But if it makes a significant difference I shall tough it out and do so... Thank you for your insight and knowledge as always.