Finding ARV on 5+ units

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Hey Everyone! I'm seeking some advice on how to evaluate a 5-unit property I came across. I'm looking to put in an offer but I'm not sure how to get my ARV. The property is listed for $139,900, needs roughly $125k reno, and it will conservatively rent for $4,000/month. Can standard comps be ran on this? Do I need to order an appraisal? Is there anything else I need to account for? I'm kind of spinning my wheels on this one and any advice would be greatly appreciated! Thanks in advance!

@Cory Lader
The way commercial properties are valued is based on the NOI of the property. You can use surrounding properties to get an idea but the cap rate for MF in the area plus the NOI of the building will be a more accurate way to estimate the value. So for ARV you would want to estimate what you can rent the units for minus the expenses