Improving the property plus rising comp values?

[Connor Dunham]

Hey BPers,

I had a discussion at the local investor get together and wanted to fact check and learn. If I improve a duplex (replace a 35 year old boiler with a high efficiency one, add garage door openers and raise the rents), and I want to refinance a year after buying (to eliminate PMI payment and lower int. rate 0.5%) would the appraisers take into account the property was improved or just use the comps (these have risen 6-7% in the last year)? I plan on giving them the invoices to help their decision if it will make a difference. What are you thoughts?