Determining Market Value in a distant location
I live in a small town and there are no buy and hold multifamily investment opportunities in my area. That said, an up and coming small city is a little over an hour away and is where I'm looking to make my first multifamily investment.
I understand how to calculate if the property is a good buy, but what I'm at a loss at is how to determine market value in my area of interest (or in any area for that matter).
I'm assuming a good place to start is to research comps for going rent in the area, but that dosen't seem like it would give me a complete picture.
Any advice or insight would be appreciated.