What adds value in the mind of an apparaiser???

[Chris Walsh]

Would appreciate any experience or feedback anyone has.  I just finished renovating the up and down unit in a duplex in a gentrifying area in Cleveland, Ohio. I have about 95k in the deal.  I have the top unit rented for $1200 month.  Finished the bottom unit and hopefully get the same rent.  Total of $2400 per month in rent. There are houses within a 1/2 mike radius that are comparable in size ranging from 65k to 299k.  What is the appraiser looking for that adds value?  Both units have been torn down to the studs.  Everything is new.  Is pouring a concrete driveway adding a lot of value?  Knocking down old garage and rebuilding add a lot of value?  Would like to take a bunch of cash out, still cash flow and repeat.  Any feedback would be helpful.  Thanks

[Josane Cumandala]

@Rich Rodman hit it. An appraiser's value should be in alignment with what buyers in the market are paying for similar properties with reasonable adjustments for respective differences. Ideally the comparables should have sold within six months for the best gauge of where the market is but it's rare to have that many sales so appraisers will look at what has sold in your area within the past 12 months. 

Keep in mind that cost does not equal value. I.e whatever improvements you make to the property are not going to add value on a 1:1 ratio. You really have to know your market to know how much more buyers in a certain area will pay for certain amenities or improvements.