Comps and ARV Worksheet (Golden Standard)

For acquisitions, dispositions and anyone who prepares numbers. After reading this page you will be able to fill a complete comps and ARV worksheet with the Narqix Golden Standard: comp box, PPSF math, adjustments, checks and a confidence rating that any reviewer can follow line by line.

Track: Real Estate · Role: Acquisitions, Dispositions, Lead Manager · Time to complete: 20 min

How to use this worksheet

The method is taught on Underwriting 101: ARV and the Narqix Golden Standard in the Real Estate track. This page is the form you fill.
Start inside the tight comp box. Widen one rule at a time, only when you cannot find 3 good comps, and write down every rule you widened.
Use renovated sold comps only. As-is sales sense-check current value. Active and pending listings check the ARV. Neither is ARV evidence.
Round the ARV down to a clean number (for example the nearest 5,000).
Every ARV carries a confidence rating. Low confidence means the client reviews before any offer.

The Golden Standard comp box

Rule	Start with	Widen up to (maximum)
Sold date	Last 3 to 6 months	12 months (note the market trend)
Distance	0.5 mile (0.25 mile in dense city areas)	1 mile in suburbs; up to 2 to 3 miles in rural areas
Boundaries	Same neighborhood, same side of major roads, highways, rail lines, rivers; same school district	Never cross a boundary that clearly changes value
Property type and style	Same	Similar style only if no match exists
Year built	Within 5 years	Within 10 to 15 years
Living area	Within 10% to 15% of the subject	Within 20%
Bedrooms	Same count	Plus or minus 1, with an adjustment
Bathrooms	Same count	Plus or minus 1, with an adjustment
Condition	Renovated, similar finish to the planned rehab	Never use as-is sales for ARV
Sale type	Normal, arm's-length sale	Exclude family transfers, foreclosure auctions, unusual sales

The template

COMPS AND ARV WORKSHEET · (PROPERTY ADDRESS) · (DATE) · prepared by (YOUR NAME)

1. NEIGHBORHOOD CLASS
Local median home value: (AMOUNT) (CITY OR COUNTY)
Class: (A, B OR C)    Usual buyer: (FLIPPERS, FLIPPERS AND LANDLORDS, OR LANDLORDS)

2. SUBJECT PROPERTY
Type and style: (TYPE AND STYLE)
Living area (above grade): (SQFT)    Finished basement: (SQFT OR NONE)
Beds / baths: (BEDS) / (BATHS)    Year built: (YEAR)    Lot: (LOT SIZE)
Garage or carport: (DETAIL)
Special features or location issues: (POOL, BUSY ROAD, COMMERCIAL NEIGHBOR, FLOOD ZONE, OR NONE)
Current condition and planned tier: (CONDITION), (TIER)

3. COMP BOX USED
Sold date: (MONTHS)    Distance: (MILES)    Year built: within (YEARS)
Living area: within (PERCENT)    Beds and baths: (SAME OR PLUS OR MINUS 1)
Rules widened and why: (NONE, or RULE, NEW LIMIT, REASON)

4. COMPS USED FOR ARV (renovated, sold)
Comp A: (ADDRESS) · sold (DATE) · price (PRICE) · (SQFT) sqft · (BEDS)/(BATHS) · built (YEAR) · (STYLE) · (DISTANCE) mi · PPSF (PRICE ÷ SQFT)
Comp B: (ADDRESS) · sold (DATE) · price (PRICE) · (SQFT) sqft · (BEDS)/(BATHS) · built (YEAR) · (STYLE) · (DISTANCE) mi · PPSF (PRICE ÷ SQFT)
Comp C: (ADDRESS) · sold (DATE) · price (PRICE) · (SQFT) sqft · (BEDS)/(BATHS) · built (YEAR) · (STYLE) · (DISTANCE) mi · PPSF (PRICE ÷ SQFT)
Comp D (optional): (SAME FIELDS)
Comp E (optional): (SAME FIELDS)
Photos checked for finish level: (YES OR NO)

5. COMPS REJECTED
(ADDRESS): (REASON: AS-IS SALE, DIFFERENT STYLE, TOO LARGE, CROSSES BOUNDARY, OUTLIER, NOT ARM'S LENGTH)

6. THE MATH
Average PPSF = sum of PPSF ÷ number of comps = (AVERAGE PPSF)
ARV = subject living area × average PPSF = (SQFT) × (AVERAGE PPSF) = (RAW ARV)
ARV rounded down: (ARV)

7. ADJUSTMENTS (client's standard amounts only)
Finish level: (NONE, or DETAIL AND AMOUNT)
Beds and baths: (NONE, or DETAIL AND AMOUNT)
Garage, pool, basement, lot: (NONE, or DETAIL AND AMOUNT)
Location issues: (NONE, or DETAIL AND AMOUNT)
Differences flagged for acquisitions to decide: (LIST OR NONE)
Final ARV: (ARV)

8. CHECKS
Active and pending check: (SIMILAR RENOVATED LISTINGS AND PRICES), result: (SOUND, OR TOO HIGH)
Trend check: (RISING, FLAT OR FALLING), effect: (NONE OR DETAIL)
Buyer check (dispositions feedback): (WHAT RECENT BUYERS PAID AND EXPECTED)
Professional opinion: (AGENT OR APPRAISER VIEW, or NOT AVAILABLE)
As-is comps for current value: (ADDRESS, PRICE, OR NONE)

9. CONFIDENCE
Rating: (HIGH, MEDIUM OR LOW)
Reason: (ONE LINE)
Client review needed before offer: (YES OR NO)

Confidence rating

Confidence	When
High	3 or more renovated comps inside the tight box, consistent PPSF, actives agree
Medium	You widened one or two rules, or PPSF varies by more than 10%
Low	Few or no renovated comps, rural or unusual property, or actives disagree

Worked example: the 1,450 sqft ranch

COMPS AND ARV WORKSHEET · (PROPERTY ADDRESS) · Oct 20, 2026 · prepared by (YOUR NAME)

1. NEIGHBORHOOD CLASS
Local median home value: (AMOUNT) (COUNTY)
Class: B    Usual buyer: Flippers and landlords

2. SUBJECT PROPERTY
Type and style: Single family ranch
Living area (above grade): 1,450    Finished basement: None
Beds / baths: 3 / 2    Year built: 1979    Lot: 0.21 acre
Garage or carport: Attached 1-car garage
Special features or location issues: None
Current condition and planned tier: original kitchen and baths, systems fine; Full Cosmetic

3. COMP BOX USED
Sold date: 6 months    Distance: 0.5 mile    Year built: within 5 years
Living area: within 15%    Beds and baths: same
Rules widened and why: None

4. COMPS USED FOR ARV (renovated, sold)
Comp A: (ADDRESS) · sold 2 months ago · 241,500 · 1,380 sqft · 3/2 · built 1976 · ranch · 0.3 mi · PPSF 175.00
Comp B: (ADDRESS) · sold 4 months ago · 258,400 · 1,520 sqft · 3/2 · built 1982 · ranch · 0.4 mi · PPSF 170.00
Comp C: (ADDRESS) · sold 5 months ago · 243,225 · 1,410 sqft · 3/2 · built 1975 · ranch · 0.2 mi · PPSF 172.50
Photos checked for finish level: Yes

5. COMPS REJECTED
(ADDRESS): as-is sale at 205,000, used for current value only
(ADDRESS): two-story, 2,100 sqft, different style and too large
(ADDRESS): renovated ranch at 289,000 across the highway, different school district

6. THE MATH
Average PPSF = (175.00 + 170.00 + 172.50) ÷ 3 = 172.50
ARV = 1,450 × 172.50 = 250,125
ARV rounded down: 250,000

7. ADJUSTMENTS (client's standard amounts only)
Finish level: None, buyers usually do a mid-grade rehab like the comps
Beds and baths: None, all comps 3/2
Garage, pool, basement, lot: None, all comps have a 1-car garage
Location issues: None
Differences flagged for acquisitions to decide: None
Final ARV: 250,000

8. CHECKS
Active and pending check: 2 renovated ranches listed at 255,000 and 265,000; 1 pending at 249,000. Result: sound
Trend check: Flat, no effect
Buyer check (dispositions feedback): recent flips in this area resold between 245,000 and 260,000
Professional opinion: Not available
As-is comps for current value: (ADDRESS), 205,000

9. CONFIDENCE
Rating: High
Reason: 3 renovated comps inside the tight box, PPSF within 3%, actives agree
Client review needed before offer: No

Coach's note: Fill section 5 every time, even when it feels like extra work. Reviewers and buyers trust an ARV much more when they can see which tempting sales you left out and why.

Never do this: Never use an automated online value estimate as the ARV. Never average every sale in the area. Never use a comp across a highway or in a different school district because the number looks good. Never adjust with amounts your client has not set; flag the difference instead.

Check yourself

What are the starting distance and sold-date limits in the comp box?
Comps sold for 210,000 at 1,200 sqft, 228,000 at 1,300 sqft and 222,000 at 1,250 sqft. The subject is 1,280 sqft. What is the ARV, rounded down to the nearest 5,000?
You widened the distance to 1 mile. What do you write, and which confidence rating is most likely?
Your ARV is above every similar active listing. What does that tell you?

Answers

0.5 mile (0.25 in dense city areas) and sold in the last 3 to 6 months.
PPSF 175.00, 175.38 and 177.60; average about 176.00. ARV = 1,280 × 176.00 = 225,280, rounded down to 225,000.
Write the rule, the new limit and the reason in section 3. Medium, because a rule was widened.
It is probably too high. Re-check comps and adjustments.