My BRRRR appraisal came in LOW. Now what?

[Logan Bosiger]

I purchased a home for $35,000 cash in an area that is quickly coming up. We did a full rehab on this home (about $28,000 in renovations) and just got renters in paying $800/mo. Total investment = $63,000.

True comps within a mile radius recently sold for $87,000 - $125,000.

Our appraisal came back at $50,000. The comps that he used, in my opinion, were nothing like my project considering they were not renovated and one was condemned.

Now what? Do I take the low appraisal and Refi?Please help.