Can you beat exisiting comps w/ a new rehab?

[Vonetta Booker]

I've been checking out existing comps in a desirable area of my city.  The highest ones aren't new rehabs, though--although well-maintained, they're pretty dated (probably older, original owners).  

Is it possible to beat existing comps if you rehab a home into better condition than anything currently on the market there (assuming that it's a desirable or "hot" neighborhood)?