ARV comps problem

[Adam Marx]

Good evening,

So I have an off market property I may be able to purchase. The issue I am finding is it's unique location. It is in a tiny little town similar to a downtown district where you have alot of businesses with home sprinkled within. There are alot of amenities within walking distance and a nice park also less than 10 min walk. It is close to 2 major roads through the area. The issue is trying to figure out comps for this property. This niche area does not have alot of recently sold properties and the ones that have sold are condos in high rises not single family dwellings. If I look a few miles south you are in a richer neighborhood. A mile or 2 west and you find a much poorer neighborhoods. To the east is an island that holds alot of appeal to many so the comps there do not compare to anything in the rest of the county. It is just a property that does not have and comparable comps... What would be your suggestions to figuring out a accurate as possible ARV for this type of property? Should I just consider bed/bath and size and compare the median sell price across the area? Is there any tricks or insights someone may be able to provide me? Obviously the question is asked as your profit is made when purchasing the home and if I am off on ARV by 20-30k due to the uniqueness than I can find myself in a bad situation. I am green to this as I have made a couple offers on some homes, shown interest in others, but have not been able to land one yet. I am sure some of that is analysis paralysis but when it's your first, if I lose money on it, will set me back quite a bit on my planned timeline. Rebuilding the nut I have saved would be frustrating but I believe otherwise if I can get this house at the right price I would have no issue selling it. If I can figure out roughly what I can get for it in something more than a 50k spread that I have narrowed it down to at the point of writing this. I'd put ARV safely at 225-275 for what this size home is going for in the area overall. (Others have sold for higher but much more appealing locations and neighborhoods.) Any advice or ways you would go to narrow down any property you have looked at that simply does not have the normale comps to compare would help. Thank you so much. I look forward to posting soon on BP about my first purchase, struggles of the flip, and eventual selling of my first property!