BRRR analysis of single family home in my neighborhood

[Vincent Kaliwata]

Hello, I wanted some opinions on this analysis on a potential BRRR. I have never approached a hard money lender so this will be all financed by me. This will be my first BRRR. All thought are welcome.

Looking at a property: 2 bed, 1 bath 720 sqft. Built 1918. The property is 2 houses from my place. Asking $59K. Comps are priced at $80k - $90k. Property is owned by an LLC for 21 yrs. Open square limestone basement, relatively clean and has forced air and central air. Roof looks pretty good and furnace and water heater were replaced in 2015. The interior needs TLC. Feels very old but could easily be restored. Beautiful neighborhood. Just one side of the street is "low income" and the other is "medium-high income". I live on this street, it's really not a bad place.

Repairs estimate = $20k

This is my intended offer. ... $30K cash.

All in: Buying Price + Renovations + refinance closing cost = $30K + $20K +$3K = $53K

Rent approx $700-$750

Refinance = 0.75 * $80(ARV) = $60K (I am using a lower ARV for worst case scenario)

Profit: Refi cash - All in = $7,000....not much but I guess I'll have the rental income.

If I use a $90,000 ARV: Profit = $14,500.

If I use a $100,000 ARV (really pushing it): Profit = $22,000

Thoughts?