How many comps do I HAVE to get?

[Tony Marcelle]

How many comps must I have to determine a house ARV? I found some good comps for a few houses, but they are only a few comps like 5 or less.

[Chris Mason]

Originally posted by @Tony Marcelle:

How many comps must I have to determine a house ARV? I found some good comps for a few houses, but they are only a few comps like 5 or less.

 5 solid comps is fine.

CCCR: Close, comparable, closed, and recent. 

Close: within a half mile and not across any barriers like highways or RR tracks or rivers.

Comparable: Duplexes to duplexes, condos to condos, detached SFRs to detached SFRs. Ideally same bedroom count.

Closed: List price is not a good data point. Final sales price on a closed transaction is.

Recent: Ideally less than 3 months old, go to six if you must, go to 12 months if you absolutely must (but in this case you need to SERIOUSLY question market demand for this type of home if no one in the last year has bought a similar home... guess how many outdoor swimming pool comps I'd find in Fairbanks, Alaska?)