Determining Multifamily ARV before purchase

[Michael Taylor]

I am in contract to purchase a 4 family apartment. The contract is for $222,000.00. I estimated that the ARV would be $400k and I budgeted $75k for rehab. 3 of the units need a lot of work. My contractors are coming back with quotes of $75k - $100k. My broker asked me if I am 100% sure the ARV will be $400k. If not, I will have to come out of pocket to make up the difference. Now I'm nervous because there aren't very many comps in the area. Also, every time I get a property appraised I feel like the appraiser tries to low ball me because I'm an investor. Any suggestions on how to confirm an ARV?