Since you want to understand the value for a refinance, you will get the Appraisal Report following your lender's appraisal - be sure to ask for a copy. The Appraisers use local comps, but usually simply to justify the loan amount. If you want to get an idea of the value before you decide to refinance, you can hire a local Appraiser or ask a local Realtor to run a Comparative Market Analysis. The Realtor's CMA is from the market perspective, not the lender's perspective. I ran two general CMAs, one for Pacifica 1 BR,2 BA and Pacifica 2 BR, 2 BA to get a rough idea of what the numbers look like. There doesn't appear to be any increase in value for the extra bedroom. However, this would be more conclusive if your Realtor were to pick and choose the comps based on Close of Escrow date, age, updates, and area, incorporating what is most like your home. You probably know that Pacifica is in a down market and has been for several months. I would be reluctant to put more money into a Pacifica home solely for a perceived increase in refinance value at this time. It would be okay if you plan to be there for a long time and you need the extra bedroom, but it may not pay off for you in this market. Be careful. I saved the reports if you want them.