Appraisal came in low at $155K, but due to the issues with the house, and the length of time on the market, the seller was willing to accept the lower number.

Once you have known costs, you can go back to the seller and explain that anyone that buys that home will end up doing the same that you will be required to do as their conventional or govie lenders will stop the loan based on the appraiser identifying these as unpermitted additions.

Hi All - just got my appraisal back and the appraised value is the exact same amount as the purchase price.

You have now added 50k in equity to the property.A lender now uses that appraisal of 200k to put a new mortgage on the property.

Six months after the purchase the home was appraised at &100k and I was able to refinance up to 80% LTV.

The appraiser's notes pretty much just referenced the last 6 months in the same community.

I’ve read that for conventional an appraisal showing over 20% equity will drop the PMI instead of the whole refinancing process required with an FHA. 

I’m talking people paying the appraisal to purchase gap of $25-40k!

For my capstone project I must appraise a multifamily residential (minimum 6 units) building.

Compared to conventional, the closing costs will be somewhat higher, the origination costs could be between 2.5-4pts, upwards of $2k for an appraisal and environmental docs is not an existing rental unit... but you could be looking at rates in the low 4's provided none of the 5 of you have low credit.Cheers!