Refinancing a Multifamily in Baltimore

[Scott Kronzek]

3 units, all 1/1

Purchase price 100k

2 units currently occupied, 1 vacant

Property is in a solid part of Baltimore, very close to the zoo

My plan would be to spend about 10k on the vacant unit, and then renting it. I'm estimating all three units will gross $2700/month.

My question is, will I be able to refi out at 75 ltv based on cap rate/income, or are banks only going to be interested in comps? Based on comps, I don't think I will reach the $150k appraisal I need. Based on cap rate (around 24%) I think it should hit that appraisal mark.

Thoughts?