I added a decent amount into the house (new paint, new hot water heater, brand new kitchen, better layout) but I’m not sure if that’s enough for me to appraise for 20% equity. 

Despite my success with the property (we’re in the top 1% of homes on Airbnb), I’ve come to realize that it might be time to move on and sell.In January 2022, after some initial renovations, the house was appraised at $9M, with the land likely valued at $1.2M.

HML is going to charge me an appraisal fee, draw schedules, draw inspections, etc. every single time.

For my first property, the appraisal came in $25,000 lower than expected, which initially concerned me.

Don't just blindly look at the rate and cost as it may cost you more headache and an appraisal. 

If you have a history of having rented the property by the room, a lender will very well look at the rent you have gotten and lend based on that (or at least the DSCR won't reduce below whatever LTV is offered on the appraisal).

Thank you for your thoughts:@John Clark : This is a Florida Condo where I am not under special assessments currently and the market has moved, creating a $50k to $70k shift in price and appraisal value if I move on to a new buyer.

The appraisal passed fine but then the inspection report was huge!

I took on a renovation project on a single family home this year and sold it off this summer for 5000 more than what an appraiser told me it was worth.

This is how it is supposed to be handled but some lenders have overlays or loan officers are not aware of the actual guide lines or rules depending on their organization or who they are selling the loan to in the correspondence channel.I have come accross this several times you simply make the underwriter aware and in some cases the agents and appraiser are informed as well in case there is a need for an outside LOE letter of explanation.