Contest an appraisal?

[Ethan Ducharme]

My partner and I recently got an appraisal on our 4plex with the anticipation of refinancing and the appraisal coming around 200k. We purchased the property for 70k, put in 50k for rehab and the appraisal came back at 115k..... (Keep in mind, we completely gutted it. New wiring, plumbing, appliances, flooring, everything) We would have been much less surprised if it came in at 215k.  The appraiser used 5 comps, only one of which is a 4plex that is twice the age. The 4plex comp is not nearly as clean in terms of finishes and quality and was purchased 10 years ago for 110k. My question is... In terms of finding comps when you have the only property of its time and finish do you use duplexes of a similar age and finish, newer 4plexes, or expand your search radius?

Thoughts are appreciated!

Thanks!