Confidence in ARV and refinance
Today I went to look at my first rental investment property. I am hoping to BRRRR. It is a cash flowing 2 unit multifamily building.
The rent is $700 + $700 = $1400.
I've estimated NOI to be around $11,000. Cost is $85000 purchase + $15000 repair =$100,000.
I'm guessing ARV might be $130,000.
My question is....
How do I confidently come up with the ARV. And this being my first purchase, how can I be confident that a bank will refinance me the 75% of ARV?
Can anyone help me comp and figure out if this is a good move?