We did a full gut rehab, and it appraised for $193k with each unit rented at $1,200/mo.If you want some Detroit specific resources I'm happy to share. 

That being said, they appraise it a bit differently by using "Capitalization Rates" or "CAP Rates" to determine value instead us using comparable properties to establish value.

I’d get an appraisal and decide if you’d want to sell for that much.

I bought a 4 plex in 2023 and the appraisal district valued it around $407k.

The property appraised for $465k and we cashed out $348k to pay back our PML and use the rest as a down payment toward the next deal, a 6-unit we have UC.

Lenders may or may not require an appraisal and credit requirements are often looser compared to a DSCR.

Assuming you have a lender who fits what you need, and the end of this call you should know whether your deal is financeable through them, pending of course appraisal or whatever else is outside of your control.  

@Jordan Scottcomps, comps, comps.with a BRRRR, you want it to appraise at what the comps are valued at.so you rehab it to the level of the comps.

Down payments ranged from 10-20-35% One appraisal was waived and one came in nearly 8% over agreed upon sales price! 

Definitely check in with @Joseph Chiofalo for Jumbo second home and investor loan products, we just had an unbeatable rate and appraisal waiver here on the coast.