What made you interested in investing in this type of deal?

If its a rental you could get a DSCR loan which is different than a conventional loan. 

You should have a good idea of what it's worth based on what you paid and the comps you looked at before you closed.

Yes, you should do a rate and term refi, which you should be able to do if the valuation is at least $220K.  

@Phil SheltonYou would need a civil engineer to provide a drawing to get submitted to zoning and get a permit if it passes zoning is most common This also depends on the road - if it’s a state road forget it as it will take a year to get approved and cost a fortune - if it’s a local road process not as cumbersome but don’t expect this to happen quicklyIn some instances you may have to prepare sight distances etc to make sure it’s safe to add a curb cut

I suggest you enter private money goldmine in search botton at top right of the screen and read the previous posts....here is one that gives good perspective as well as a link to legitimate private lenders.http://www.biggerpockets.com/forums/92/topics/1488...

There is a very strong effort to ban them completely from R1 zoned areas which has made it very difficult to apply for a permit unless you buy a house which currently has a permit in place.

If you want to add it to places like affordablehousing.com then that gives you more exposure.  

Can't you get a conventional loan?

Do you or most landlords comply with the city ordinance to get their properties inspected & registered by the city?