ARV for 6 unit rental

[John Christodoulakis]

So I am trying to do my best to run the numbers on a BRRRR with a 6 unit apartment unit. This would be my first BRRRR that I have ever done so I just want to make sure that I understand how to estimate the ARV on this. From what I've read in the forums and listened on the podcasts the way to determine the price if based off of the income the property produces. This property currently brings in $2,800 a month in rent and I believe I can get it for $280k. Insurance cost is about $5,000 a year. The rents once the property is renovated should bring rents to $4,800 a month. In theory the ARV should be in the $400k range correct?