Re-appraisal, or not to reappraisal...that is thy question?

[Anthony Swain]

Hey BP community! 

First off. Thank you for anyone that takes the time to read this and give me their thoughts.

My wife and I bought a duplex to house hack at the tail end of last year. 

We did purchase the duplex with the new conventional Fannie Mae 5% loan and it came with PMI of $71/month. Since then, we have
done significant renovations and turned the other unit into a "Mid-Term Rental" getting our first guests at a favorable rate, nearly 1.5x the previous rents combined.

During our initial appraisal, the closest comp was valued significantly higher, but was completely renovated. Now, ours is completely renovated with more square footage, on a larger lot, and closer to light-rail. That property was purchased April 2023, so I'm assuming it wouldn't be used anymore after this April. 

Is it worth getting another appraisal to potentially have lender remove PMI based on renovations? Or is the tax implications of higher valuations cancel the positive effect?

P.S. Our plan is to house hack this property for the next 2-3 years at least, then evaluate selling or just holding long-term and renting both units once we buy a new property to live in. 

Any advice or similar experiences is appreciated :)