Appraisal was Tuesday and back Friday at value.

>>>>>>>>>>>>>>>>>>>>>Multifamily bridge loans:Loan Size:$1 million and upLoan Term:Short-term, typically ranging from 6 months to 3 yearsMost common range is 12-24 monthsExtension options may be availableInterest Rates:Higher than permanent financing, often in the teensRates vary based on creditworthiness and collateralGenerally 7-10.5% for multifamily, 15-24% for other commercial propertiesAmortization:Typically interest-only paymentsMaximum Loan-to-Value (LTV):Up to 75% of total project costCapped at 70% of the completed or stabilized property valueFees:Origination fees, legal fees, closing costs typically 1.5-3% of loan amountFees can include appraisal, administration, escrow, title policy, and notary chargesOther key characteristics of multifamily bridge loans:Fast closing process, with funds available quicklyEligibility based more on property value than borrower creditOften used for acquisitions, renovations, lease-up, or repositioningProvided by private lenders, venture capital firms, and commercial real estate lendersNeed to be refinanced or paid off quickly via sale or permanent financing>>>here is how extension options can impact the overall cost of a multifamily bridge loan:Extension fees: Exercising an extension option on a multifamily bridge loan typically requires paying an extension fee to the lender.

They are definitely a bit more involved and usually require two commercial appraisals. 

here are some things I personally did on my last one (which didn't appraise, so I sold it):-the demo-cleaning out junk in the garage dating back to the 1950s-mowing the lawn when it got 0.1" past the neighbors' liking-called 37 contractors to get 3 bidshttps://www.zillow.com/homedetails/108-Ellsworth-Ave-Elizabe...

The first plat has the house (recently appraised at 154k) which requires more work than we'd like to put into it.

But in Austin, most duplexes in my area are appraising much too high to cash flow. 

The first one appraised for 38k over what we estimated when the work was finished, and now is worth 77% more than what I have into it, and cash flows very well.

I know that the appraisal may work to my advantage as well if they flag it.

Bathrooms and Kitchen remodeling will add the most value for an appraisal.

UPDATE: rents really never dropped in Detroit after the Great Recession.Only property values did.This is pretty much true of the majority of the USA.Detroit values now pretty much exceed their pre-crash highs and have exceeded it in many Neighborhoods:) its a wild market.. when I first started lending there in 2002 for west coast BRRRR buyers my appraisals would come in at 120 to 150k ..