Help Check my BRRRR Math

[Veronica Ivy]

I have a property under contract at $78,500. I'm expecting $15-20k in rehab (on the high end). I'm doing most of the work myself. I'll put 15% down, for a $66,725 mortgage. (Plus closing and carrying costs.)

It should rent for $1000-1100.

I expect the ARV to be in the S120-130k range.

Let me see if this is right: 80% ARV refinance is about $100k. That pays off the first mortgage, leaving about $36k, which is what I'm into the property for. So I'm walking away with an 80k mortgage, and all my money out.

Yes?