How much will this house appraise for?

[Patrick Cruse]

I just got an offer accepted on 2249 N Graham Ave. Indianapolis, IN 46218. 

My plan is to do the BRRRR strategy with it. One issue I didn't foresee was that it seems like a lot of banks have a minimum loan amount and this house falls dangerously close to that level.

I have found some banks that would be willing to do a cash-out refi at 75% LTV if and only if it appraises for $60,000 or more. This could throw a wrench into my strategy if I can't find a way to refinance the house once it is fixed up and rented.

Does anyone have any estimates they'd like to share about what they think the appraised value of this house would be after repairs? Are there changes I can make during rehab that give the house a better chance to appraise for a higher amount and over that seemingly magical $60,000 number?

Any help is appreciated and I am willing to provide any other information that would make your estimating easier. 

Thanks.

[Edward Rhoads]

Nothing in 46218 would appraise for 60k.

Appraisers are being really stingy. I just had an appraisal on a 90k ARV duplex and he came in at 72k citing investors...

The ARV for that looks to be 40-45k and since appraisers seem to be coming in at 10-20% under ARV these days your appraisal will be probably 30-40k.

I know that is not what you want to hear but that is why I avoid 46218 like the plague.