No, you don't need an appraisal, it's not really a compliance issue.

Financial Highlights•Acquisition Price: $72,000•Renovation Costs: $35,600•Total Investment: $107,600•Funds: raised from personal savings and private lender•Appraised Value: $160,700•Monthly Rent: $2,150•Cash-Out Refinance: $3,200 after paying off private lender and myself•Rate and Term Refinance: 30 yr amortization, 7.25% interest, 70% LTV•DSCR: 1.45%Lessons learned?

The asset was purchased at 76 million and it recently appraised at 63 million.

The appraised equity rarely materializes on a sale in these markets but the appraisals offer false impressions of the "asset" that was acquired.

The problem was..when it came time to list, the appraiser wasn’t on the same page.

Now that the unit is finished, it's going to be listed for $2,450/month and the same model on similar lots are appraising for $410k.

Then the banks inflated appraisals, fabricated documents, counterfeited the securities (which is a felony) committed securities fraud and tax evasion.

What if rates go up or your appraisal value goes down because you do a trash reno?

We got it for $105K off the appraised price, and 45K off the list price with 12K back at closing. 

The meters, bills, old permits (should be available through the city planning), the appraisals, etc.Most appraisers check with the city on permits and non-conforming use while doing their research.