BRRR Rental Period Cashflow after Refinance

[John C Rider]

I just purchased my first property and trying to decide whether I should Flip or use the BRRR strategy. I got the house for $111k, and Zillow says the house is valued at $207k. I understand Zillow is not always accurate (they say it is now within 4.5% accuracy), but two VERY similar homes within throwing distance are for sale at $210k and $214k. I expect rehab costs to be $40k - which I expect my ARV to be in the $215-$220 range. Using the BP BRRR Calculator, my "Initial Rental Period" cashflow is $5,300; but after "Refinance" my cashflow is -$15.93. Cash on Cash ROI is Inf%. I would've thought the cashflow would be in the positive territory given I got the house for 52% ARV (assuming my numbers are correct). What am I missing??? Thanks in advance...