Need help analyzing a deal!!! Use 70 percent rule for BRRRR?

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Hello everyone. I have a question about applying the 70 percent rule to BRRRR properties. We found a property that has an ARV of $72,000, needs repairs of about $12k. Rent will be between $900 and $1000. The BRRRR calculator shows a cash flow of $261 after all expenses and refi with an offer of $38,400.

Our goal is passive income.

So with the way the market is here, influx of oil field workers, price gouging on rents (could get $1100 for rent on this one now), etc, if we stick to the 70 percent rule for our offer we probably won't get a response. How do we analyze this? 

If we offer $38,400 - $7000 of our cash in the property.

After refi we would be leaving 16K of our cash in this deal. Do we offer more because our market is pretty hot right now? What would you do? Please help!