Help with calculating 3 Unit ARV, no local comps.

[Gary Miller]

Hi all. I found a potential deal (could be my first multi) in my area independently of a more experienced investor/contractor I know who I talked it over with, it turns out he was was looking at it that day. After discussion, he told me he would take a look at it for rehab costs, and let me get some numbers down for a sit down to discuss going in on the deal together. This is a guy I've known and respected for a while, but I only found out recently the extent of his RE experience and portfolio. We have already agreed and will draft a partnership agreement that this will be a cash deal through a to be formed LLC, looking to BRRR the property.

It is an unoccupied 3 unit (4/2, 3/2, 2/1) in an area where multi units are very scarce. It is a full rehab, new septic and roof, all accounted for in the estimate provided by the other investor. I've pulled the rental comps from local SFH and have an all in figure with his rehab estimate, holding costs, taxes etc. My only problem is as small multi units are not common in the area (the only comps I could find are in a more densely populated town 25 mins away), I'm coming up with very different figures for ARV when I use GRM or CapEx (bearing in mind that this will be a full rehab, so will have new big ticket items going in). Does any one have alternative strategies or ways to hone calculations for ARV in the absence of local comps?

Numbers below for reference

All in purchase/repair/holding 265K

Gross annual rent 33k (All utilities by tenants, we are self managing property)

Annual taxes 6.5k