Maximize ARV for Refi, tenants in place or vacant?

[Mark Doty]

Hi all,

I’m nearing a point where I can refinance or sell a triplex in San Diego. The decision will hinge on the refinance appraisal and how much I could potentially pull out of a cash out refi.  I’m in the process of doing a full rehab of the property.

My question is would I likely get a higher refi appraisal with actual rents and tenants in place or if it were vacant and basing income on proforma number?  Will it likely even matter since the property only has three units?

Thoughts and opinions welcome!