They red-tagged us and we were forced to pay for plans to be drafted, approved, and several inspections before they permitted us - set us back several thousand dollars and an extra two months as a result - still, we were able to complete the project and still appraised for more than we spent.

The deal appraised for 15,000 more than purchase price Lessons learned?

It seems like in today's real estate market with limited supply, it is extremely difficult to appraise or accurately value a home (especially in New England/ Great Boston area where I'm from). 

We strongly feel that appraisal value will top $900k.  

It does sound like there is some big value add there, but you need a knowledgeable realtor to come out and give a real opinion on what your after repair value/appraisal value would be so you can decide whether it's worth it to pay off the lien and assume the mortgage.

So, I think the price is fair for this area, eagerly waiting on appraisal results.

Great price and home appraised for much more than we paid.

Rents are estimated to be $2300/mo and post construction appraisals are averaging $377k for this model.

I know the lender will have their own appraiser do an analysis to determine market rental prices, but the PnLs we've been getting from the current owners show only losses on what would be a new loan, so my lender has been pretty weary.

After a year of turns and renovations, we were able to more than double rents and still keep them 20% below market.We took it to our long term lender and ordered appraisals which came in at just over $1.2M which meant I created $700k in equity (current value - current debt).The cash out refinance was $930,000 at 3.75% interest, fixed for 30 years.