Refi Appraisal Problems

[Jonathan S.]

Hi All,

Purchased a Duplex 2/2 for 160k a year ago; had to separate all utilities and upgrade oil to gas. Put in about 30k all said and done. Owner occupied.

Rent is pulling in 1250 a month. Mortgage 1140. Nice deal. So after going on Zillow I find out my property is now worth 205k. I qualify for 100 cash out refi but we just go the appraisal back at 160k. Sick joke or what. Granted the area's SFH sales are on the lower end and there aren't any Duplxes in our category that fairly compares. Duplexes 5 min away in other town/school district are going for mid200s-low300s. Unsure if I can argue that aspect.

The report listed various SFH comps and some real crappy Duplexes. Highest comp down the street is 199k for a 3/2. Appraiser basically is factoring a 40k price tag to each bathroom. He also wrote a diatribe about how the financial markets are weak and economy hasn't fully recovered, people have high CC bills etc. I mean wth is with that nonsense.

Thoughts/options?