How to calculate ARV with no comps?

[Carmen Lewis]

I am doing some research (trying to) on a few properties in a rural area. They appear to need a full rehab, but I don't know how to come up with the ARV. There are no recent comps and the houses nearby vary widely in sizes and prices. The price ranges of the other houses are about 100k to 300k! So I don't have a clue as I am still a newbie and learning.

Also, are rural areas highly sought after? The area is beautiful and I rarely see houses for sale. So I just figured the few properties I came across would sell fast when fixed up. 

[Gary L Wallman]

It is fairly difficult to come up with comps in areas with little turnover.  Typically you should use the closest comps to your property and adjust up or down for things like square footage, number of bedrooms and bathrooms.  Be sure to look at lot size carefully as some rural properties can sit on large acreage which will effect the price greatly.  This is not as big as a factor in typical subdivisions.

I have found rural areas difficult to flip in.  Sporadic demand can be a huge problem if your sitting on a hard money loan for months waiting for the right buyer.  Give me a desirable, thriving, suburban area with great schools every time.