The reports are 40-90 pages long and go through the entire house in great detail.Get an appraisal.

I really want to switch lenders but we are scheduled to close in a couple weeks, the appraisal has already been ordered. 

I’m going to need a fairly aggressive appraiser in order to get the spread I need to make worthwhile.

The property taxes say that the Assessed value is 35% of Appraised Market Value.Ex: Assessed Value=50K does this mean the Market Value is 150K approximately?

I just heard from the bank that the appraiser is not able to complete any report be it for an "as is" or "subject to" on this building as a SFH, 3 unit with storage in the front house, or 4 unit.

@John Teachout lender says shortage of escrow funds for real estate taxes. could be due to the increase in home value due to appraisal or because my homestead exemption went to my new house

In general, I'm curious if this is a good investment opportunity long-term and what other information I should know to help make the decision.Here are some of the numbers:Property Value: Estimating ~$800,000, but it hasn't been officially appraised since it was purchased 10 years at $500,000.Taxes: $4,000Insurance: $2,100Year Built: 19125 Total Units: 2Br/1Ba, 2Br/1Ba, 2Br/1Ba, 1Br/1Ba, StudioUtilities: Owner pays only water and trash.Mortgage: Despite being zoned as a 5-plex, the property has been approved for residential mortgage previously (one unit classified as storage during appraisal).Previous Gross Rents: $45,480 (previous owner was very generous with rent to family/friends)Estimated Gross Rents: $69,600 (based on market value)Previous Annual Expenses: $12,500 = 27% of gross rent. 

If it will appraise to refi out of pmi definitely worth it.

I wasn't able to pull all the money back out, but it appraised high enough to pay off the private lender.

I wasn't able to pull all the money back out, but it appraised high enough to pay off the private lender.