Appraisal happening on BRRRR this coming Monday, boost value

[Christian Wathne]

Hi Everyone, I'm getting ready to have my Seattle, WA BRRRR appraised in a few days. (link to old thread here... https://www.biggerpockets.com/forums/223/topics/46...)

Its been rented since June and I'm now going for my final refi to get a more standard long term mortgage. 

There are many similar comps in the area in regards to sqft / beds / baths / home type / etc, however none which are renovated. I'm concerned this will likely bring down my appraisal (especially because I'm at the lower end of the sqft spectrum, 950sqft / 3br / 1ba). 

Does anyone have experience putting together an info sheet for the appraiser in order to bump them in price? I put together the below info sheet / pics, and at the bottom a list of 5 comps. My goal with stating (in the below sheet) that I expect to appraise at 350-360k is that it anchors the mindset of the appraiser, so that even if they go below it wont be too far off. Is this a good or bad idea? Love to hear your thoughts...

Here's the spec sheet I put together....

=============================================================

*Address Hidden*

Currently renting for $2,200/mo with high demand

Gorgeously remodeled from top to bottom, inside to out. No detail or aspect of the home was overlooked. $80k rehab to bring this home into the modern age. This work allows 16974 to stand above similar comps.

Based on comps and market demand, we expect *Address hidden* to appraise at $350,000-360,000.

• Outside
  • - Roof
  • - Fence
  • - Deck
  • - Exterior paint
  • - Windows
  • - Landscaping
• Inside
  • - Permitted brand new electrical service and additional circuits
  • - Complete kitchen with quartz counters, SS appliances, subway tile
  • - Complete bathroom with designer tile
  • - New flooring and paint throughout
  • - Solid wood doors and trim
  • - New water heater
  • - Lighting

Recent sales

Price	Condition	Bed/Ba	Sqft	MLS#	Address	Pic
$330,000	Avg condition	3/1	1010	1178693	1732 Beacon Wy SERenton, WA 98058
$340,000	Avg condition, old	3/1	1150	1178693	3500 Shattuck Ave SRenton, WA 98055
$319,000	Avg condition, old	3/1	910	1190202	12016 SE 165th StRenton, WA 98058
$316,400	Avg condition, old	3/1	1000	1169408	12720 SE Petrovitsky RdRenton, WA 98058
$360,000	Avg condition / Newer	3/1	1210	1183733	16309 128th Place SERenton, WA 98058

[Christian Wathne]

The 'anchor' ended up working very well. Appraisal just came back at $347k. 

I was personally expecting to land in the 330k range; but I wanted the appraisal to come back as high as possible, so (per the above comment) I anchored the appraiser at 350-360k. In the appraisal report the appraiser used most of the comps I gathered, and had several notes which were copy/pastes of the text I had written him describing what had been done and how much had been spent on the property, so I know the appraiser took consideration of what I wrote.

End result; if you want a high appraisal it can help to put together an info sheet for the appraiser. It makes their job easier, lets them know what valuation you're targeting, and supplies them with supporting evidence.