How are SFHs appraised?

[Account Closed]

I have some commercial properties and am working on a land development project. One of the properties I need consists of two houses that I will tear down and one I plan to fix-up and hold. I know this sounds weird, but I have never taken out a conventional SFH loan. I want to get a loan based on the market value of the house I am keeping. I have excellent credit and am fairly liquid, so I can pay for the work up front and then refine later, but I don't want to do it that way. Question: will I be able to get a conventional Fannie/Freddie loan for based on the house based on the market value of the house I plan to keep? How will an appraiser look this?