The appraisal for The Mansion came in yesterday. This one was a nail biter, mostly because we had so much on the line. The final number is $240,000.
If I’m being reasonable about it, I’m quite happy. But I can’t help feeling a bit underwhelmed. I know that if we were to list the home for sale we’d be shooting for about $300,000. But we aren’t, and the sold comps aren’t as strong as some of the pending and active ones.
The appraiser was awesome. I’m not blaming him. But there’s only so much he can do with the existing data, and he did his best I’m sure.
Our goal with these homes is to get all of our money out once we refinance. I haven’t tallied all the numbers and costs yet, but it’s going to be close. For now I’m just focused on getting our tenant moved in and closing the refi.