Question about Delayed Financing (<6 months since Purchase)

[Aaron Smith]

Hi, I am looking to get my 10th loan, my last loan I can get with conventional financing, on a single family property that I bought 4 weeks ago.  I paid $97,000 and have put about $5,000 into updates and already have it rented.

I have read and been told some contradictory information and I am hoping BP community can clarify.

Since it is a SFH, and it is my 10th property, will I be able to get 75% LTV or 70% LTV? What will Fannie allow? Also, will it be just on the purchase price ($97,000) or the purchase price plus repairs/updates (total to $102,000). I have it rented for $1,300/month.

Oh yes, one last question.  Will they require an appraisal even though they aren't giving me a loan based on the appraised value, but the purchase price?  My gut says yes (which sucks to spend $700 for no reason) but I want to make sure I know up front.  Thanks!