Comping Out A 3 Family In A Two Family Area

[Joseph Cameron]

I am aware that with multi-family, ROI is key. However, given that residential real estate value is based on ARV, I am struggling to find comps on a rented 3 fam property that seems to be under-performing. Avg rents in the area indicate that we could get 50% more income but I'm unsure of my assessment.

Here are the specs:

3 Fam, 8 bed, 4 bath (2 x 3/1 duplex in front + 2/1 flat at the back), 2208 Sq ft, built in 1900 on a 3123 sqft lot. Currently rented at +- 4k monthly but avg rent for 2/1 in the area is 2300-2700.