We believe in the markets we are looking at we can expect an appraisal at 300k a unit for new construction.

Should I talk to a contractor first to see what it would cost, or an appraiser to see what they would think it would add in value to the home? 

When selling a flip I do buy down and/or money towards closing VS lowering the price This keeps the price higher so when I sell another flip in that geographical area, the appraiser  uses the higher sales price as a compFor an agent it’s better as the seller pays a slightly higher commission 

You can in fact use the rents to qualify to help get a higher purchase price approved.You are smart to be cautious because it will cost you money to start the mortgage process, pay for an appraisal, inspection etc.

Are they using an appraisal? 

They claimed the appraisal was independent but I have my doubts.

So long as you get the property appraised and buy it right, it's really really really hard not to make money on a rental property.

ADU in sf areas of San Diego are seldom getting values from appraisers over $100k.  

DSCR lenders will have different rules on seasoning (i.e the amount of time between when you bought the property vs. when you closed on the refinance) for how much cash you can pull out and whether or not the appraised value, as opposed to the cost basis (purchase price + rehab costs) can be used to determine the loan amount (i.e LTV * appraised value = loan amount). 

We could potentially vet the leads we give you before as well as underwrite the property and find an appraiser so its very streamline for you and my clients.