Advise on Proposed Loan

[William Dem]

Hello,

I own a 2 unit investment property that needs repairs (roughly $14k) before I can try to rent it out. The house is free and clear of any mortgages, liens or anything else ( I owe nothing on the house).

I applied for financing and received an estimate from a bank, my credit score is 750,736,733 for the 3 agencies.

The loan was set up as :

Loan Type : Refinance
Loan Program : Construction 5/1 ARM
Loan Amount : $76,000 (58% of value)
Appraisal Value : $130,000
Non Owner Occupied/Investment
30 years at 4.5% ( $385.08 monthly payment)

I am shooting for at least $800 monthly per unit.

Can anyone please give their opinion on this setup and/or if I should try to go a different route or get a higher % of the value?

Thanks for any help