Appraisal for MFR... land vs. rental income

[Tom Murray]

BP - looking for help with a MFR appraisal. We're wrapping up a MFR rehab project (bringing more units online) and headed to the bank shortly for our second cash out refi on this project.

Any idea if the appraiser will be able to use our undeveloped land that has a Conditional Use Permit to justify a higher valuation? (14+ acres that is zoned such that it allows construction of more bldgs/units)

Or is valuation based solely on income from the in-service units? 

Thanks for any info!

-Tom