Search radius for comps?

[Brandon Stiles]

I'm located near the Ozarks in Arkansas and the area I'm looking into doesnt have a lot of "neighhborhoods" - houses are much more spread out or they're single streets off of the main roads with 15-20 houses. The prices are usually (somewhat) consistent on the individual streets but I'm having a hard time finding houses that have been recently remodeled or flipped nearby to use as comps. Should I start looking farther away for comps to get an idea of ARV price/ft? How would you go about estimating ARV when you cant find any comps nearby that have been updated/flipped recently?

Thanks in advance

[Billy Daniel]

Hey @Brandon Stiles! I'm in Russellville, so I might be able to help. For most rural properties with very few comps, appraisers will usually let you use some common sense. If you can find properties that are similar in size and location and only vary on condition, you can just add a premium to what you find. The best option is to get a real estate agent to look at it and provide input. You could also pay an appraiser to come out and give you an ARV.

Don't widen your search radius too much.  There's no good answer for how wide your search should be.  I've used everything from .25 miles to 5 miles depending on the property.