If so, tell the appraiser to do his/her own verification about the fact this is a "fire-sale" The appraiser should have verified the Comp in the first place, but in any case, if the condition of the property and the fact it was a fire sale is correct, the appraiser SHOULD NOT have placed most weight on this property. 

They are not in an area where market appreciation beyond inflation can be expected (if even that), but they punch above their weight for cash-flow.  

When it's from a legitimate lender and not a generic letter from a site that provides the service, it carries more weight when submitting your offers or getting extensions to purchase contracts.

I guess what I am trying to say is that as a landlord & property manager if a tenant were interested in doing that for one of our CT rentals, it wouldn't carry too much weight for me, personally.

Especially with flooring suggestions that are fine under the weight of a heavy tub if we keep the tub.

A degree in 1970 meant something that doesn't carry the same weight today.

However, if the property is not turn key, the appraiser might not be able to weight that aspect as much? 

@Jesse HowellFor fix and flips, your experience will likely carry more weight on the terms than your FICO.Lenders are still doing up to 100% financing on purchase and rehab if you've got the right experience.If not, 95LTC is ok, but 9-11% interest only payments for 12 months is pretty typical...Cheers!

There is a light weight interior door being used as an exterior door.

My initial thought is that the added weight of the bathroom, water heater etc. during the renovations made the top floor to sag over the years.