I zoom in around the neighborhood (filtering for properties with similar square footage, bedrooms, and style.

These are the specs of the property:Built in 1981 Flooring is tile Construction: masonry and stucco Lot size 83631 unit of 2 bedrooms 2 baths 2 units of 1 bedroom 2 baths Square footage is $403000 square feet property Washer hook-upNeighborhood around hospitals and college. 2 of the tenants have been there for 5 years 1 of the tenants have been there for over a year.

Square footage is minimal on most kitchen backsplashes.

You would need to check with your local authorities on the requirements.In Colorado, we finished a basement & effectively doubled the square footage of one unit in a duplex, and as such, were able to get significantly more in rent.

(fyi sq footage is more like 1400 as the listing doesn't reflect the finished basement)We listed June 8 at $335 and received an offer 4 days later for $228K which we accepted.

Originally posted by @Naji Boutros:@J Scott Appraise for more for the purposes of a cash out refi.Unless the property is distressed (in need of renovation), it's unlikely you'll be able to increase the value by $100K without doing close to (or even more than) $100K in renovations...The bulk of the appraised value will boil down to things that you have no control over -- the age of the house, the square footage, the size of the lot, the number of rooms, the size of the garage, etc. 

For example minimum ceiling height, minimum square footage, etc. 

If you are not moving to be closer to work and can document it, then you need to either be buying 20% or more square footage or more bedrooms for children you show on your tax returns.It has to make sense for an underwriter because they are tasked with searching out people who continually say they're buying a "primary residence" to get better downpayments and interest rates.You'll be designating your current home as your second home so your new primary residence must be a step up.

Some recent comps (sq footage, neighborhood, quality, etc) in the area indicate the property value has increased nearly $100,000 since October (at the time of purchase other related comps were going around $50-60 more than our purchase price). 

But by adding square footage, bedrooms, and bathrooms, in a new construction building, a lot of value could be found.