Percent of ARV for rental property

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I've been looking at a rehab project for a 4 unit multi-family that I intended to hold. After looking at values of surrounding buildings in the area, I'm not sure the ARV is going to be as high as I expected. I was curious to see what percentage of ARV people typically looked for in such a property.

What I am looking at is a purchase of 45k, and rehab costs of roughly 80k. An identical building next to it was redone a few years ago as a single family and sold in 2008 for only 117k. I'm not sure of the extent of the work done on it. What do you all think?