Check my Numbers on potential BRRRR

[Ajay Malhotra]

I have a potential deal in the works and I want to see If I am thinking about the numbers correctly. Any commentary or thoughts are welcome, thanks!

Purchase price (inc closing): 130,000 

75% loan = 97,500

Renovation: 25k - update kitchen and add a dormer turning top floor into a proper bedroom (currently being used as one as it is)

ARV: 190k

Potential rent: 1650 - 1900 (friend has property on the same street that rents on the higher end of this range)

Montly cost = 600 (capex, repair, tax, management/tenant placement, insurance, buffer)

initial invest 25% down  + closing + construction = 32500 + 4000 + 25000 = 61500 + carrying costs until its rented (2 months)

Refinance @ 70% based on 190 = 133,000 

Money pulled out = 133,000 - 97,500 = 35,500; 

So would I essentially be leaving around < 30K (based on 61,500 + carrying costs) in the deal and the future returns are based on that number essentially?