It is currently stable with a tenant and should appraise for much more than we have into it.

You may need to get a home appraisal, and you'll be responsible for the cost"My question is : Should I have my own appraisal done by a reputable company that would be accepted by banks for appraisal estimates and then request Citizens to do their own appraisal for a request of PMI cancelation.

A little about me:I hold a Certified General Appraiser license and have been working in corporate and commercial real estate for over 25 years.My recent focus has been on property investments and appraisal work, including commercial and residential properties, lease-to-own agreements, and broker price opinions (BPOs).I’m always looking for opportunities to expand my portfolio and knowledge in real estate, and I love analyzing market trends and valuations.I’m here to connect with other investors, share insights, and learn from the wealth of knowledge this community offers.

In Hillsborough County, FL (Tampa), the structure value is deemed to be the Tax Assessed Value with the County Property Appraiser.

A DSCR of 1.25 or higher is usually required.Property Appraisal: A professional appraisal to determine the property's value and income potential.Business Plan: Lenders may require a detailed business plan outlining your strategy for managing and profiting from the property.Experience: Demonstrating your experience with smaller multifamily properties can be beneficial.

The home buying process typically follows these key steps:Assess Your Finances: Review your credit score, savings, and determine how much you can afford for a down payment and monthly mortgage payments.Get Pre-Approved for a Loan: Work with a lender to get pre-approved, which gives you a clear budget and shows sellers you’re a serious buyer.Find a Real Estate Agent: Partner with an experienced agent who knows the local market and can guide you through the process.Search for Homes: Browse listings and visit properties that fit your criteria (location, size, price, etc.).Make an Offer: When you find a home you like, submit an offer through your agent, including contingencies (financing, inspections, etc.).Home Inspection & Appraisal: Once the offer is accepted, hire an inspector to ensure the home’s condition and the lender will order an appraisal to verify the property’s value.Secure Financing: Finalize your mortgage by submitting required documents and ensuring the lender clears you for closing.Closing: Sign the final paperwork, pay closing costs, and receive the keys to your new home!

I would also ask multiple local appraisers.

I paid for a appraisal after the lender requested it.

An investor will generally waive appraisal and purchase with an inspection only and close within 2-3 weeks.

Quote from @Brandon Croucier: Hi John, You can simply ask an appraiser to give us his opinion on the market rents.