1% rule on a BRRRR?

[Sean Harris]

Looking to do my first out if state BRRRR in the next month. I was just wondering if the 1% rule still applies to a BRRRR deal? I understand I will be buying the property cash and then fixing it up to then refi and cash out. Example, I buy a property for 60k put 30k into it and have it be worth 120k but when I go to refi the deal and get a mortgage in 120k in my market that house will not rent for $1200 a month ( 1% ). Can someone please explain this to me? Thank you