The value of the home is around 245k, although it has not been appraised that is the 'desktop evaluation', whatever that is worth.

We put $75K down to begin with and likely have $85-100K in equity ( depending on what non-scientific source you check since I haven't had a full appraisal done) on it.

I’ve had several investor clients go with a new (to me)/ unproven lender because of a slightly lower rate promise only to get burned by that lender (closing costs were higher, appraisal costs much higher and appraisal was a nightmare, main point of contact gave us the clear to close as we passed our financing contingency then just before closing someone from the underwriting department we previously didn’t know existed said we need a few more days and seller didn’t agree because they had a higher backup offer, jeopardizing the earnest money and losing the property, etc).

Don't forget to account for the cost of the appraisal or any other vendors...an appraisal and survey will over $1000 combined, for example. 

If you talk to appraisers, we have another 20-30% to go.

In 2021 we bought the building for $1.5M using private lenders, pushed the occupancy from 50% to 80% occupancy and it appraised for $3.125M, allowing us to pay back the private mortgage.Right now, we are in the predevelopment process of design and piecing together the capital stack for the redevelopment deal, which will be made up of historic tax credit equity, RestoreNY Grant, DRI Grant, etc.

Quote from @River Sava: Hey April - Refinancing after a year if there's limited equity depends on your goals—lowering your monthly payment, cashing out, or switching loan types.The process usually involves checking your current loan terms, appraised value, and credit situation.

MOST transactions where people think they’re buying below market are actually being purchased AT market price; the purchaser is either valuing the property incorrectly usually because the “comps” they’re using are not being adjusted accurately for difference or because the appraiser’s opinion is just plain incorrect. 3.

When you bought the property you got an appraisal.

Even if you refinance, you have origination costs, appraisals, etc.