First BRRRR Strategy - Good Numbers?

[Jonathan Safa]

Hey Everyone, 

I've recently found a property by using a kind of new approach - researching the homes, finding homes that fit my criteria, then contacting the owners on Facebook. Surprisingly, it works. 

I have an owner offering me $62,000 for his home. 3 bedroom, 1.5 bath, 1,100 sq ft. 

I think I can get him to $58,000. 

20% down - $11,600. 

$15,000 worth of rehab work. 

ARV should be around $95,000.

The 70% LTV rule to stick to the BRRRR would imply that I am not able to pull out initial equity in home...

Total cash invested: $11,600 + $15,000 = $26,600. 

Total mortgage: $46,400. 

So, ($95,000 * 0.7 LTV ) - $46,400 = $20,100

Cash flow around $350/month...

I am still left with around $6,500 still left in the home. Is this a terrible investment given the cash flow? 

Thanks!
Jonathan