Using equity ($120k appreciation according to appraisal, pulled out 40k) for further investments.

I would assume the house would appraise for $160's to mid-170's when comparing to surrounding properties that have sold.

Thinning inventory with certain types of buildings also means it's riskier to BRRRR because there can be less comps for an appraisal. 

@Kiwi Mills thank you this helps clarify.Hopefully I don’t have to sell in order to invest.My idea is once I get a deal to use that money then refinance the new house and pay off the line of credit.Then rinse and repeat.In the market I am my two houses are worth more then $100k but the appraisal says it’s only $100k so they are letting me borrow $75k on each house.

Found the deal on the MLS and offered slightly above list which is ultimately where the property appraised at.

Delayed financing you still go according to the current appraised value of the property.

Home is currently being appraised around $135k.

Tax appraised value was lower than what I paid so no way was I going to volunteerly disclose my sales price if they can't figure it out.Mass appraisal process is different than individual bank appraisal process so that can create discrepancies.Some people protest through a formal protest process which can work to lower values.So just lots and lots of variables....good bad and otherwise.

For example, I just did a cash-out refinance  on my personal residence through a private credit union and it only costed me $700 (including appraisal) whereas most banks would charge closing costs on the loan. 

I have had 3 appraisers indicated that finding the value is too difficult.