Remodeling work and cash out refi appraisals

[Scott K.]

We just purchased a home in upstate, NY we plan to move into and house hack (it's two-dwelling property).

The house was underpriced and we can make several substantial improvements, including:

1. Updated flooring.

2. Improved curb appeal.

3. Remodeled kitchen.

4. Converting the living room/dining room/kitchen into a single open space.

5. Remodeled bathroom.

In total these will require a fair amount of capital. These will surely command a higher selling price when we eventually move (10+ years in all likelihood), but I'm wondering if any of this capital could be recoverable until then for investment purposes.

If we looked to do a cash-out refi after the renovation work, for example, would an appraiser recognize and incorporate any of the above improvements into the appraisal?