I found a property that has no comparable. What do you do in this situation?

Double-check the MLS, PropStream, Redfin, Zillow, Realtor.com, etc to make sure we've exhausted all the possible outlets to find comps. Try expanding your criteria to include houses with more or less square footage, beds, baths, sold less recently, etc. If there are enough previous sales, you can piece together a very conservative after repair value (ARV) based on the available market data, including average price per square foot, days on market (DOM), average sales price, etc. Then, make an offer based on that conservative ARV.

If there are no comps or any activity in the market, we would move on from the deal. Your financing partners will see the same data and will not be able to confidently peg an ARV. Without any comps, there's no reliable indication of a market for that property, even when it's fixed up.