I'm just getting started in the Real Estate world and am looking at a few properties. A property that I am currently looking at doesn't have many comps near it to identify a realistic ARV. Does anyone have any suggestions on what to do in situations like that? Thanks for the help!
First off: If the market isn't large, it might not be a good market for buying. However, general rules of thumb are to calculate price per square foot of other recent sales (ideally within the last 3 months, longer if you have to). Another rule of thumb is to add 5 or 10 k per bedroom. But frankly, buyers are human and not completely rational, so the best you can do is guess what someone else is going to be willing to pay and pad your numbers. Good luck!