Help me see if I'm doing my math right

[Erin Newton]

Ok, let me see if I got this right.... I have $350k cash(my own), I buy a property that is undervalued at $300k, put 20k into it, then rent it. Due to the cash purchase, my only payments would be taxes and insurance, everything else on top of that I get to keep (after setting aside contingency $). Ex. Rent = $1900, taxes and insurance = $560, Contingency = $300, profit = $1040. After 1 year seasoning (plus appreciation), ARV approx. $380. Refi @$320k Use cash to make new purchase and repeat the same scenario. So, my profit is MUCH higher, due to the initial cash purchase. Am I analyzing this correctly??