Renovating to Refinance (My new Duplex)

[Benjamin DuPont]

Hey everyone!

I am trying to figure out how best to renovate my property for the best options of refinancing and getting money back out.

My Duplex I own I bought for $230,000. It appraised at $220,000 but I was willing to pay a bit more to make it work as the cash flow is good here in Orlando Florida!

I was thinking about putting about $10000 in per side (doing my own work) to do some updating to make the place a little nicer so i can raise the rents (Currently $1050 but i want $1200 eventually).  I also want to try to refinance the place so i can pull out some of my cash to use on future down payments on properties.  

So the main question is what will an appraiser/bank be looking for so that i can refinance at the highest value and get my cash back out of this place?  Im hoping i can get the value of the property upwards of 240-260k and pull out some of that equity for future down payments. 

*What are the hot items I should renovate to make the place worth more? 

*Is my plan to reno, reappraise, and refinance going to work? will banks be willing to give me 100% value refinance or do i have to settle for 70%

Any advice would be greatly appreciated as i'm still so early in my career trying to figure this stuff out.

Thanks

-Benjamin DuPont