Competative Market Analysis for Rent

[James Ross]

Hello Bigger Pockets!

I've been researching how to get decent comps from various online sources (realtor.com, zillow.com, trulia.com, etc) when looking at potential rental properties.  I found a rundown on what goes into a competitive market analysis on rockethomes.com, but it only covers home price, not rent. The link is here for anyone curious: https://www.rockethomes.com/bl...

Basically what the article boils down to is: 
1. Find recently (3-6 months) sold homes in a similar neighborhood of similar size
2. Note differences between comps (1 more bedroom, 300 less square footage, not located next to a toxic waste treatment plant, etc)
3. (Hard part) determine value adjustments for each difference (1 more bedroom adds $5000 to value, 300 less square feet subtracts $15,000, etc).  
4. Add up all the value adjustments for each comp to determine equivalent price
5. Assign weights to each comp, with the comps with the least number of adjustments getting the most weight.  Weights are decimal numbers that add up to 1 across all comps (eg: comp 1 weight is 0.5, comp 2 is 0.2, comp 3 is 0.3).  
6. Multiply adjusted comp values by the given weight and add up the prices.  This gives you the estimated price for the property.

What I'm wondering is, does this sound accurate (if simplified)?  And, more importantly, does a similar process work for estimating rent?  You'd have to base everything off of rent rather than home value, of course.

Thank you!  And happy Halloween!