Issues establishing ARV in south chicago

[Dustin Avadar]

Working on getting my first property under contract, I do have a licensed realtor, who pulled comps, the issue was she had to go back a year, and the highest comp she pulled was 220k, building is currently on a short sale for mid 60k.  I'm in a great location right around hyde park.   I still haven't gotten my team into it, but just going off my background in construction I think I'm going to have to put about 100k into it.   So after holding costs, closing costs, etc, I'm having issues with the property if the numbers work!   My realtor did tell me though, that my property would be much higher in value, since the properties that were pulled comps are older properties, and not newly rehabbed?  

Just wanted some opinions mainly on ARV what banks look at when you go to refinance after 6-9 months. Do they specifically look at the comps and base it off that, or take into the account comps and amount of rehab you have put into the property?

ty

Dustin