Townhome/condo with <50% owner occupancy: sale value & appraisal?

[Louis Chan]

I'm considering a townhome/condo (not sure how it is structured legally) that is in a community with less than 50% owner occupancy. I'm planning to BRRRR long-term and the numbers look great for the area. The MLS listing says cash only or other approved non-conventional financing due it having low owner occupancy. That is fine with me because I can acquire with a combination of HELOC and cash. Few follow-up questions to anyone that has experienced this or knowledgeable:

- How does this affect the overall value compared to a comparable property without the low owner-occupancy? It looks to be priced well below other comps in the area but high owner occupancy.
- At refinance, how would this affect the appraisal?