Establishing ARV's in rural areas w/ limited comps

[Cory Mccarthy]

Looking at a particularly promising property in an area that has not had a lot of recent sales in immediate neighborhood as it is in a smaller town or area that is a little more rural. A local real estate agent with good knowledge and experience working with RE Investors has provided me with a list of 7-8 properties, most sold within last 4-6 months, but a couple still on the market. My concern is that looking at those comps on a map, they look to be several miles away albeit circling the property fairly well. Are these comps considered a good basis for establishing an ARV if they are still that far away? Any advise or opinions from those involved in lending, appraisal, or long time investors would certainly be appreciated.