Multifamily 2-4 units Maryland

[Roy Means]

Hello everyone,

I want to get started in Real Estate by obtaining a 3-4 unit Multi-Family property.

The goal would be to buy the property under value, fix it up and then refinance out of (possible FHA loan) after the year is up and get into a conventional loan.

Question: How do you effectively evaluate the ARV of a multi family property when there are no comps to base it from?

Are you only using the NOI/Cap Rate the property makes? If so how do you fully determine what the ARV would be?

*Ive used the Bp calculators, and rentometer to see the rents in the area. I just cant figure the ARV.

All info is greatly appreciated!

Thank you,