As an appraiser, realtor and investor in the Tampa bay market I'm still seeing +10% property value growth in most market areas with only signs of stabilization.

I'm wondering how much the appraiser might subtract from the ARV if I don't include Central A/C.

I love TK providers that find the ugly duckling in a good or up-and-coming neighborhood, renovate it at a good quality (without going overboard) so it appraises at or slightly above the asking price, and then has a property management team in place (in-house) to manage the property.It's not always possible to find such an ideal solution, so the relationships of the different parts of the deal (finding, renovating, managing) are very important and a track record makes an enormous difference.

What is the county's appraisal process like?

I am in the process of tying up loose ends that the appraiser pointed out on the property.

My family is also passively on the market looking for a SFH for us to live in, or land to build our home on.FYI I just applied for a HELOC on my 3 family, which I suspect will be ~ $100k line once the appraisal happens (owe $200k @ 2.78 w/14 yrs remaining, suspect $450k value).

I have a house about an hour away that I owe 690k on and would probably appraise for between 880k and 940k. 

Order appraisal, estimate repairs. 

On the other hand, if they are returning your deposit-I'd also ask for interest and any other fees that were paid (eg inspection, appraisal, etc).

I believe the builder mentioned that FHA allows for appraisal value flexibilityClosing Costs - $7606 Cash Outlay.- $26,856  -Annual Mortgage Payment (only P & I) - $28,210 Annual Expenses (Property Tax, Insurance, HOA, PMI, and Utilities) - $17,922 Annual Total Cost (Mortgage+Expenses) - $46,132 Revenue (at $900 per bedroom and 4 roomates) - $40,694Total Cost Per Month for Me to Live Here - $5,438 -Loan Principle Paydown - $10,378Total Return (Cash Flow + Amortization) -  $4940 Total ROI (Cash Flow + Amortization) - 18.39% If I decide to only have 3 roomates (possibly taking the master suite on the third floor and the ground floor) then I'd end with only $30,521 in annual revenue (however it would ensure no parking issues since all people living have a space).