Question About Comps and ARV

[John Cantu]

Hey everyone, 

I've been trying to find some comps in a particular area but I'm getting a little confused as to what number I should be looking for. I'll just use fake figures to explain: I have a subject property for which I pull three comps. The comps show that similar homes are selling for 50k. The issue I have is, the condition of these comparable homes are move in ready, but they're not updated or renovated, most of them are pretty ugly. I can't really find any recently renovated properties. So I assume not many investors are in that area, at least flippers. My questions:

1. Would it be a waste to renovate the subject property? 2.Would this be considered a rental market versus a flip market? 

I appreciate any light shed on the matter. Thanks!