Question on analyzing properties

[Kiel Wahl]

Hi everyone, I am a new investor who does not yet own any investment properties. I have been reading a lot and have started practicing analyzing properties off the MLS, estimating expenses, and determining if they will cash flow. I feel fairly proficient at this.

I am thinking about making my first deal be a BRRRR. I feel a little confused on how to evaluate properties for a BRRRR and I suppose I'm thinking a little too hard about this. It feels like I should spend my time looking for below market deals, estimating rehab costs, and ensuring my all in costs are 75%ish of the ARV when I am analyzing properties, THEN estimate income and expenses to estimate my cash flow after I refi. Once I have determined I can be in for 75% ARV and I know it will cash flow I have something worth moving forward on. Is this the basic method I should be using or am I missing something? Sorry if this makes no sense, I feel I have thought about this too much and overcomplicated things.