Is ARV as important when looking at Buy n Hold?

[Arthur Banks]

How important is ARV when looking at Buy n Hold investments? I'm looking at a SFR that needs some work in order to be rent ready. It's a 4BD 2 BA split level with 2 BD's and 1BA in the lowel level that needs drywall, flooring and complete bath to be rent ready. Not a huge project. I could actually do the work myself if I chose. Looking loosely at comps at the current asking price $49K, it would be worth about $68k-$75K after. Since I'm looking to hold for long term, do I also want to consider ARV? I'm not necessarily looking at whether this is a deal (I'm going to post that question in Deal Analysis Forum) but wondering about ARV. If I need to post numbers in order to get answers, I can.