.- Its also my understanding, when working with the right lender and appraiser they can include the income of the property for the refi appraisal. boosting what you may be able to pull out on a cash out refi-  I am familiar with STR property management companies that will guarantee to increase your net while earning their split. helping reduce your personal labor.-  Another option you haven't mention...

It won't make a huge difference to a buyer or an appraiser for your ARV.You don't have to finish the basement.

Can a property that’s valued above the median but sold under the appraised value be a good investment?

I got a HELOC in a couple of weeks for just the cost of an appraisal.

(estimated rebuild cost).Returns:Cashflow: $3500 – ($2135 operating exspenses + $1952 P&I&PMI) = -$587/moCoC: -30.5% LOL (-$7044 yearly cashflow / investment)Investment: $23,075 = ($15,575 purchase price + $7,501 closing costs.)Closing cost estimate: $15,575 (2-5%) https://www.zillow.com/mortgage-learning/closing-costs/Closing cost calculated: $7,501 1st Year Insurance Premium: $2880 (240*12)Title Fees: $1000 (my lender says this is the max I’ll likely have to pay in Texas)Appraisal: $500 (quote from lender)Lender Fees: $250 (credit report / etc)Escrow, 3-4 Mo Tax & 2 Mo Insurance: $2419 (634*3.5) + (2*240)ROI: See IRR calculation in report.o For this specific property, you would have to bank on appreciation.

The idea of the BRRRR strategy is you need the property to appraise so I will fix them up almost flip ready.  

Appraisal came back with a “possible roof leak based on peeling paint on the ceiling” and “insulation on the steam pipes in the basement appears to be friable and MAY contain asbestos”.

Several of the institutions I've spoken with want to loan on the purchase price instead the after repair appraised value.       

For ease of calculating this, let's say that each of your houses appraises at 150k on average, for a total NW of 1.8M.

I bought a property in Tallahassee for 8k and renovated for 40k and got the appraisal back and it was worth 65kI tried using rocket mortgage to cash out refinance and I was told it wouldn’t pass approval due to the amount of 75% which would come out to 46k.What is my best option?