Deal analysis on duplex

[Haley Justice-Bonsell]

Hi all! 

I'm trying to analyze the numbers on a duplex. Both units are currently rented until 2022, so I don't feel like I can do the typical BRRRR process (can't really renovate when you have active tenants). I have a private lender willing to give me the cost of the down payment.

From what I know of the property, and using the bigger pockets calculators, I've calculated my overall cash flow to be approx $200/month (before any work has been done on the house).

I have the idea to renovate one or both of the units when their leases are up in 2022. I'm thinking I could borrow from a hard money lender for the renovations, then complete the rent and refi steps. 

Does this make sense to do in order to pay back the hard money lender and my private lender? Should I maybe not even bother with the renovation if it will still give me current cash flow? I was trying to think of ways of how I could pay back my private lender for the down payment without it taking years to pay him back. 

Thanks!