In my workup, I estimated that a 3/2 1150sqft buildout (as an alternative) would bring around $1800-1900/month, and this property is in midcity. 

You can ask your rentals for rental comps or look at rent-o-meter for estimates.

In which ways can someone new to RE discover how to estimate ARV.

If not, let's assume about the same (for a quick estimate) that would mean the total rehab is $120-140k.

I'm a construction cost estimator building my real estate network, and want to offer my experience to the BP forums.I've spent 3 years in residential estimating and 5 years in commercial estimating.

EITHER GET THE ARV FROM A REALTOR, OR USE EITHER ONE OF THOSE 2 SITES.......YOU FIND OUT ARV IS $390,000 THE PROPERTY IS 1900 SQFT AND NEEDS AN ESTIMATED $65,000 IN REPAIRS..

That being said there are also bad deals in any area, here included.I would run your numbers based on historical data from airbnb - pretty easy to check on airdna or even just going in the airbnb app and seeing not only what nightly rates look like for certain properties but what their occupancy is - from there you can estimate monthly revenue with a reasonable degree of accuracy and see if that lines up with your targeted returns.

Rental estimates are acceptable.

The hardest part of the deal was finding someone who would finance 50K for 30 years and be ok with making $1.48 in profit a month.My mortgage payment was going to be $312 and this house, by my estimate should rent for $1,050/ month - which it did.

Land can be tricky to appraise, and the accuracy of your estimates has a lot to do with how much profit you will or won't make.If there's a specific issue you're stuck on, let us know and maybe we can help!