Question about Bird-Dogging 101 article

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I've been analyzing the numbers from the example deal from the Bird-Dogging 101 article here:
http://www.biggerpockets.com/articles/bird-dogging101rb.html

I'm using a spreadsheet, and I can't seem to come up with the numbers that he has mentioned...specifically the "Additional (Not covered by loan) expenses: $7,500.00"

My understanding of this figure is that it is the difference between the loan amount, and all of the expenses.

The loan amount was $105,000, and the expenses were each of the following:
Acquisition Cost: $7,500.00
Repairs (estimated) : $9,000.00
Four month Average. Hold Cost : $4,900.00
Misc expenses (5%) : $7,500.00
Cost to Sell (5%): $7,500.00
Max Purchase Price: $91,100.00

The total of these is $127,500. So the not-covered-by-loan amount would be $127,500 - $105,000 = $22,500, unlike the $7,500 he mentioned?

Is there something wrong with my analysis?