Main customer base would probably include nearby hotels, motels, tourist stops, gas stations, and/or restaurants.

The one I was looking at, the hospital nearby was looking at it for a standalone mental health facility so maybe talk to facility managers at local hospitals and see if they have space needs for anything.Other good ideas I turned up were immediate care, dentists, veterinarians and alternative medicine practices.

If you're looking at a 4 plex that's in rough shape, what are similar 4 plexes selling for nearby that are in good condition? 

I've done a flip in a nearby suburb and also managed some other of my family's rentals.

I will stock pile when they have 50% off sales.

Ideally I would have a list of numbers of people that live nearby willing to show up occasionally and work for $10 an hour or whatever.  

Given the lack of sold comp properties in this particular city (and similar nearby cities) would you then shift over to evaluating the property using the cap rate method?  

You compare your property to nearby similar properties.

Right now I am finding 3-5 properties nearby with similar sq footage and bedrooms that have sold in the last 3-6 months, then figuring an average for my ARV.

I'd thought of some of those but the added risk of the nearby residents is a difficult one to predict for.