Comps and calculating ARV

[Garrett Jacks]

Howdy,

I've come across a 3/2.5 condo with 1803 sq ft. It is located in a complex where only 1 other unit has sold recently, but this unit is a 2/2 with 1178 sq ft. It sold for $135,000 about 5 months ago with a $/sq ft of $118.76. Both of these condos were built in the same year.

I don't have access to the MLS, but I did get this information from Listingbook.

What is the best way for me to calculate the ARV in a situation like this?

Do I just multiply 1803sq ft by $118.76 and call it good? I've heard that the price per square foot goes down as square footage goes up.

I'm seriously confused here, and would greatly appreciate some clarification.

Thanks!