I've already paid for an appraisal and the earnest money is recoverable.Thanks BP family! 

You will be required to get a foundation inspection report on top of an appraisal and you are required to pay for both.That is why I said make sure you do your research because if you pay for an appraisal or foundation inspection report and its not within guide lines you will have just wasted anywhere from $650 to $1000.00 non refundable.  

Working with Real Estate ProfessionalsLocal Real Estate Agent: Choose an agent experienced in student housing.Property Management Services: Consider hiring a property manager if you’re not local.Inspection and Appraisal: Conduct thorough due diligence to avoid costly repairs.6.

They then obtain a favorable appraisal and achieve decent cash flow in the earlier years.

With the massive increase in STR properties in the US, I am hopeful that lenders and appraisers will evolve to apply income/exp metrics to STR deals specifically, on top of generic property comps.

An appraisal fee in advance for an actual appraisal is legitimate, but you can find lenders that don't require appraisals and don't charge appraisal fees.

The VA and Fha loans have been able to do it but their strict appraisal guidelines make it tough to buy the often older homes in my market in Virginia Beach / Norfolk Area. 

Appraisal around $200,000

Property Bank StatementsTitle, Appraisal, Environmental, Survey Reports – If availablePurchase Contract

I had an appraisal done for the refinance and it came back at 515k which seemed pretty good. now I have been in the home for a year so I can start renting it out for a decent amount of money that would pay the mortgage and I would get about 600 in rental income on top of paying the mortgage.