Buy with cash, fix up, appraise, refinance the cash out.

Its a rule of thumbMy client bought three townhouses off market for 40K each, they appraised at $90K and rent for 900 per month.. properties increase approximately 4-6% per year. 

We just financed a couple multifamily deals in Bend - if anyone wants a copy of the appraisal's market data section or some market data from CoStar, etc. - give me a shout. 

You could get a commercial retail appraisal completed by a specialist appraiser who focuses on retail.

To be perfectly honest, trying to use artwork as collateral is going to be a on-off, can't really systematize something as wonky as that.If you wanted me to run it past an underwriter, I'm sure they would want a recent appraisal, done by an appraiser licensed by whatever certifying body licenses artwork appraisers.

Numbers.....Purchase $45kRehab $~50kARV Appraisal $180k-230k (depending on finishes.. per appraiser)Rent $1100-$1250We have done higher end finishes throughout to attract a quality tenant/buyer.It qualifies for the 1% rule and would cash flow fine, but would you hold this one?

A pre-approval from a hard money lender will normally have its own appraisal contingency, so a sharp seller's agent will treat it like any other loan and not like a true cash offer.2.

And closing costs of $4,200 work out to 1.2%, which seems low for attorney's fees, appraisal, inspection fees, pre-paid homeowner's insurance, origination fees, pest inspection, pre-paid property tax, recording fees, survey fees, title fees, transfer taxes, etc.Not sure how old the property is, but CapEx + Maintenance of 14% feels optimistic to me. 

The assessed value, sale price, and appraised value are all based on different opinions. $100k is a very large spread but there are lots of reasons it could still appraise for the asking price.

They had an appraiser attend the house and said there was no issues on their end.