Furnished long-term rental effect on NOI and property value

[Kent F.]

I'm looking at furnishing one or more units at my 6-plex and continuing to lease the furnished units to long-term tenants (not airbnb). I'm unsure how lenders, appraisers, and potential buyers view the increase in revenue caused by furnishing the unit. A furnished unit will rent for $200-$300 more per month than unfurnished. But when calculating NOI, cap rate and property value, I wonder if the income from the furnished rentals will be adjusted lower because the increase is a result of the furnishings.

I may refinance or sell this property in the next couple years so I need to be extremely mindful of how this affects the valuation.

Any advice would be greatly appreciated, thanks!