How to value property if there are no comparable properties near?

[Chris Penny]

Hi, all.  I am looking at a property in a smaller area outside a major metro city.  It is a nice area, but I see no other multi-family properties of comparable size.  So how do I assess the value?  Should I look at the rents and see how they compare to other rents in the area?  Or is there another method I am overlooking?

Cheers - Chris