Forcing appreciation before refi on occupied rental

[Jeffrey Ascough]

Hey guys,

I'm a new investor with 2 flips under my belt and 1 rental. Everything to this point has been done with my money. Both flips were purchased and rehabbed with cash (both with ~ 30% ROI) and the rental I purchased in October was purchased for 99k cash. I am looking to refi and pull money out out of the rental after the 6 month seasoning period. The rental (in NJ) was purchased with a section 8 tenant in place and I get $1,200 per month in rent. The tenant will likely be around for a long time. The place is in decent condition but I am curious if anyone has any feedback on my idea of trying to get it in a bit better condition before refi so I can pull more money out of it. The main thing I am considering to do is the floors. The floors (approx 800 sq ft) are currently furnished with an older worn out carpet. The tenant has made a few remarks about new floors being done so I know she will appreciate it too. I'm considering doing some type of durable vinyl but I wanted to get some feedback. Do you think all new flooring throughout the place will drive the appraisal up much? I am going to try to connect with an appraiser to pick there brain a bit because I am not well versed in how much new flooring can drive up a appraisal but just wondering if anyone has some feedback on that. Thanks a-lot!