@Jon Holdman - comps in the area for the most part are wholesale prices, prices that investors pay. Ive done this SEVERAL times before where I pay pennies on the dollar and cash out refi after repairs. Like I stated previously, 0.7 miles away I bought 2 smaller places for roughly the same amount of money 15k-18k in a much less desired area, put roughly 15k into them and one appraised for 64k and the other for 67k. 3k difference being I put a half bath in one. In this area comps do have a wide range hence the reason for a walk through appraisal. For one property on the same street 3 doors up to sell for 75k a year ago and for mine to only appraise for 30k is absurd. Ive had drive by appraisals on other properties Ive done come in at 30k (which makes sense) because they dont know whats behind the walls. That's what I feel this appraiser did and thats why the change in appraisal price happened. Im not new to this and this has been my model for a few years now this is why I get walk through appraisals. Something just isnt adding up.
