ARV without solid Comps

[Zachary Smith]

Hi All,

I am looking to implement the BRRR strategy with a very large duplex in one of my sub-markets that does not have many solid comps. The property is in need of a great deal of work, my spreadsheet has it at just under 80K in repairs with a $84K asking price.

Here lies my dilemma, within the past 6 months only a few duplexes have sold, none within 1000 sqft of this property. One sold a month ago, with a condition well under what i would do to this property for 140K. 

A new property was built, two houses down, again 1000 sqft less, very similar bells and whistles to my plan and has a market value of 240K.

From an ARV perspective if i were to purchase this property at 70, put 85K (all in for 155K) could I safely expect an ARV above 160?