Refinance with only one duplex unit updated

[Tyler Haanen]

Hi all,

I am curious on everyone's opinion on my scenario. I have a duplex that I am considering refinancing to cash out for the renovation of one of the units. The other unit we have completely updated and we are happy with the results. Since purchasing, we replaced the roof, furnaces, water heaters and AC units. There's a few common area things we could do such as replace exterior doors and paint the outside of the house.

Is it a bad idea to try to refinance prior to renovating the other unit? Should we try to wait for the other items to be finished? Potentially we could do some of them prior to if it helps boost the appraisal.

What is everyone's best method of determining the value of other recently sold properties? Hard to say whether our property is on par with recently sold sales prices.

Thanks for your time answering this post.