2 Family analysis with no comps :(

[James Lauer]

Hi all,

My name is James, I am an investor/realtor in NJ and I currently own 4 doors (3 properties) and just went under contract on another multi family. It is a 2 family, front house 3 bed 2 full bath w basement and a 1 bedroom 1 bath apartment above a detached 2 car garage. Property was listed for 379, we settled at 350 all cash offer. I was originally planning on BRRRR this project as I felt the comps could be somewhere in the $450k ARV range after only minor improvements (Kitchen, roofing, new fence, landscaping and potentially 1 bathroom remodel). I have gone back 5 years to look for comps and unfortunately there are ZERO within the township. I tried to expand the search to other local towns and there are really no good comps for me to pull. Have any of you ever dealt with a similar scenario before? If so did you proceed and how did it work out?

Even if I purchased the property with conventional mortgage the $ on $ would still be strong, 15-17% with it yielding $1000-$1100 pure cashflow per month, but I would really only be interested in this deal if I could BRRRR it with hard money and pull out all or most of my $$ invested.

I would love to hear some feedback from you guys/gals on if you dealt with anything similar and if so what was the final outcome. In these towns, there is a MASSIVE shortage of quality rental properties and people are fighting to get into a great home. I do not want to lose out on a great deal, but still.. I am hesitant. 

Thanks for your time and responses!

James