Need help figuring out a reasonable ARV
I have a property that I am interested in getting under contract in order to wholesale. It is a three story home that the owner has completely gutted out in hopes of making it a multifamily home. He wasn't able to continue with the project and is very motivated to sell. It is in a really good location. Near and across the street from shops and stores. And on a main thoroughfare. Very high walkability. I think this would be an ideal rental property for an investor. Rental comps range from 850 to 1100. However, I had a contractor look at it and it will need at least 30,000 in repairs.
I am having an issue recognize what would be a good ARV. The comps in the area (within a mile) range from 18,000 to 123,200. With those, I came up with 99850. Does that seem reasonable? I figured a MAO to be 39, 895, which I think is way too high given the condition of the property. Am I on the right track? I will of course do a more detail analysis.