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Updated over 4 years ago on .
Calculating ARV with Minimal Comps
Hello Worcester, MA sub Forum I'm a new investor and am looking for guidance from the group on how to calculate the ARV of a 3 family with 7 beds and three baths current ask price is $122/SF. I ran comps for the last 12 months. I found 3 properties all within a stones throw from the property I'm looking at and all are built from 1900-1910 same as the property I'm looking at. Price per SF costs are $122/SF (7bed, 3 bath), $115/SF (6 bed, 3 bath), and $86/SF (6 bed, 3 bath). All of these comps seemed to need cosmetic work and given the age I'd assume other items like roof as well. All were within 250 SF of my subject property. The one priced at $122/SF had pictures on Zillow of one updated kitchen but that was it. I would want to completely renovate all 3 kitchens and all 3 bathrooms, put on an all new roof, remove popcorn ceiling (only partially throughout), put in new windows, and possibly new siding. My plan would be to pay cash, renovate, rent it, and then refinance. I'm struggling to calculate the ARV though because I couldn't find anything within a 1 mile radius and sold within the last 12 months that has the improvements I'm looking to make. Any help determining ARV would be much appreciated... or guidance on more work I still need to do. I'd really like to have an idea of how much I'd be able to refinance out. Thanks in advance to all responses!!