Where is the Cashflow?!

[Matt Hudson]

Hello BP! I've been on the hunt actively for 7 weeks. I'm an impatient person (super high D if you're a DISC person) so I know I just need to keep looking. I've been outbid on 5 houses and most by a significant margin. Most of those houses weren't "home runs" but the numbers worked for BRRRR. Most cashflowing around $200/mo and leaving at most a years of cashflow in the deal after refi.

Over the last 3 days I've evaluated 3 houses and came up with the same issue. The houses have been well below market value. Comps are good and are able to pull out cash and reno costs after refi. However, they aren't cash flowing! They are basically breaking even. What am I missing? Is the market rent too low? Are my lenders numbers too high? Any advice would be helpful!

Below is a property I evaluated this morning for reference.