When should I Refinance this apartment complex?

[James Allen]

Hey guys,

I'm currently finishing up renovations on my first apartment complex (A 5-unit property). I'm looking to cash out refinance based on the new NOI. In order to get the maximum value, do they appraise based on a trailing 12 months or just based on where rents are currently at. Essentially do I need to wait 12 months after putting my last tenant in to get maximum appraised value?