You could use the current industry standard gross rent multiplier.

Similarly, if we apply a lower market rent of $1,200/mo. per unit and the same multiplier of 9, the value is around $518,400 or very close to the asking price. 

Then multiply your ADR you figure up for each month by the occupancy rate (ex. 239$ adr x 15 nights booked or 50% occupancy= 3,585$ revenue for that month).

@Amy Ranae I'm guessing you're doing this locally but I'd have a conversation with a realtor about what the going rate in term of Gross Rent Multipliers are.  

The only thing I would add to the mix is rent multiplier.  

Cyntnia, I have multiply properties over there.   

Sq Ft of the unit) Ex:Unit 1: 2 tenants and 970 sqftUnit 2: 1 tenant 700 sqft$200 utility billDivide the bill in half = $100 for occupants & $100 for sq footageDivide Occupant portion ($100) by total occupants (3) =$33.33/occupantThen, divide sqft portion($100) by total sq ft (1670 sq ft) = $0.0598/sq ftYou will now want to multiply these by the variables in the units then add them together to get a per unit cost. 

The gross rent multiplier shows a 9% return on the gross scheduled income.

Multiply by .7 or .75 and deduct conservative rehab/holding costs.

The analysis below is a conventional loan with 20% down.Financial Analysis Cash on Cash Return3.65 %Internal Rate of Return (IRR)9.65 %Return on Equity (ROE)4.05 %Capitalization Rate5.89 %Gross Rent Multiplier (GRM)9.06Debt-coverage Ratio (DCR)1.24Operating Expense Ratio (OER)43.19 %Also, the seller is offering owner financing with interest only loan for 3 years so she can have time to locate another property in Florida (this property is in West Virginia) for a 1031 exchange.