Hypothetical Scenario For Better Understanding

[Toby Jurging]

Hello everyone, looking for clarification on BRRRR method using a conventional loan up front. I grasp that cash buy side of things, but just want to clarify the conventional scenario, using loan to purchase and cash for reno

Completely Hypothetical (round numbers for ease)

List: 80K

Purch: 60k 

DP: 20% = 12,000

Finance: 48,000

Reno: 15,000

Cash In: 27,000

ARV: 135

Refinance: @75% of 135,000 = 94,500

All In: 48,000 = 27,000 = 75,000

So given these straight forward numbers, not accounting for fees, etc, would I be able to REFI (get mortgage for 94,500), pay off first loan 48,000, rehab costs and pull out 19,500?

Thank you, appreciate this forum and everyones assistance.  Have a wonderful day!