Determining ARV with no comps
Hello BP Community,
I am just starting out and in process of buying a 2 family. I went with my buddy this weekend to look at some places with him. Agent showed us a gutted out 11 unit brick complex. asking price is 80k... agent says 400k in rehab is needed to get it ready for rent / sale. She said after rehab, it should be worth about 1 Million. We then asked why would this property out in the sticks is worth 1mil? she told us the school district is top notch and rest of the area is full of expensive houses. when she drove us through town, it saw why she spoke highly of the area.
But.. i think that's just a very rough estimate. there are no comps similar to this building in the area. how can i get a more accurate estimate of ARV?
Thanks in advance