Can I remove PMI from my loan with new appraisal?

[Lauren Daly]

We bought our home for $150k last year and put about $40K in renovations in and overhauled the entire home. The house is about 1,800 sq ft. Brand new homes in the area sell for up to $150/sqft but renovated homes sell for about $105/sqft. We knew we weren't building a ton of equity when we did the renovations (we spent extra on some niceties because we will live in it for a few years until we want to rent it). The balance on the mortgage is for $140k, and I think our house should appraise for at least $180k. In that case we would have ~23% equity, if I'm doing the math right. We have a PMI payment each month of $63, that I would like to get rid of if possible. What would I need to do to show the bank our updated equity position & get the PMI removed?