Estimating 4-Unit ARV

[Matt Dubois]

How do I estimate a 4-unit property ARV? The property I'm looking at is currently a former funeral home with enough room to split it into 4 2br/2ba units. Rents estimated at $1500 each on the low end, and possibly as high as $2000 each.

I have the following comps, but my agent had to go back 1000 days to get them:

CLOSE PRICE	UNITS	BEDS	AVG. BUILDING RENTS	ANNUAL GROSS INCOME	PROJECTED EXPENSES	CAP RATE
500,000	4	4X 1 BED	$1,125/MONTH	54,000	20,000	6.80%
252,000	3	3X 1 BED	$758/ MONTH	27,300	10,000	6.87%
490,000	4	3X 1 BED | 1X 3 BED	$1230/MONTH	59,040	27,000	6.54%
488,250	3	1X 1BED |2X 2 BED	$1500/MONTH	54,000	15,000	7.99%

The lowest rent property is in a less desirable part of the area and is older and run down.  The other units are more updated to about where we're targeting - above builders grade but not top-of-the-line, either, if that makes sense. 

My agent feels it'll appraise at $550,000 - $600,000.  I'm a little skeptical.