How to estimate ARV with few comps

[Jennifer Delmore]

I am interested in small multi-family homes 2-4 units. How do you figure out an ARV when they are in an area with few other MFH resulting in no other listings or recent sales to compare to? In neighborhoods of duplexes it's easier cause there are multiple listings and recent sales to compare to on paper.

I've found one that looks like it is really outdated in a decent neighborhood, but it's priced really close to the zillow Zestimate (which can be crap - so it's not reliable) which leaves little room for updating kitchens (appliances are from the yellow era), flooring throughout, bathrooms, etc. I figure you either need to pay half of the list price, or the ARV needs to be much higher than the zestimate for this to make any sense (which is probably why it's been on the market for a few months).

Thanks!