I'd recommend pushing density to 3 or 4 they all finance the same. we picked 3 because of the 35' height allowance in our area. here is a rendering to help paint the picture. our target appraisal value is 550k on the first few and pushing them to more than 600k as we sell some or keep them but if you are the only one building multifamily it's important to highlight the importance of appraisal and selling or disposing of some assets to create comparable to be used. our market has very little 2-4 units built because of economies of scale we are the only builder doing this style and we control the full process and it is a high barrier to entry where we are at. we are able to build at a lower cost now than almost buying a duplex because they are so small. each one is 668 sq ft total of 2004 sq ft. 

It's not uncommon for us to have appraisals come in 10% or more over contract price. 

All said and done it cost me an additional $2300 in fees for the HML that went past its maturity date plus the appraisal, all this could have been avoided if they told me they had an issue with my credit score from the beginning. 

This, of course, would require the bank appraises 20% equity on top of what you paid. 

Do I need to get an appraisal and an inspection? 

I have a few questions I would like feedback on from the community.1) How much does a well-done paint job add to the appraisal of a home vs doing it yourself with little to no experience?

Some lenders can refinance a hard money loan after 3 months of seasoning / waiting and use the new appraised value if the borrower is looking to pull cash out for a new project. 

One of the mortgage companies has approved me, subject of course to an appraisal.

I'd be talking to at least 10 national lenders from biggerpockets and have your land appraised. you better have permits in hand, entitlements. complete, etc. sounds like it's too early to be talking about financing. 

My costs have been 1,000 dollars for a appraisal and inspections and 5,000 earnest.