Starting to buy - Are my numbers sound?

[Don Nelson]

Hey Fellow MO Investors:

Wanted to share some specific info in this post as I've been doing analysis and don't want to have my head in the clouds, as I'm out of state. Below you will find a deal analysis that is typical of what I'm finding and buying in KC, MO. The plan is the BRRRR out there. The purchase looks what's below. This is a B/C class Grandview home. Of course, cash flows look great.

PROPERTY INFO		CASH FLOW
Rental (AS-IS) ARV	$100,000	Gross Operating Income	$895
Purchase Price	$58,000	Expenses	$332
Rental Rehab Required	$7,800	Other	0
Closing Costs total	$2000	NOI	$563
Cash in deal	$22879	Debt Service	$278
10% Investor Return	$191	M Cash Flow	$285
Cash to complete project	$22879	Cap Rate	6.8%
LTV	80%	LENDING
Equity After Rehab	$32200	LTV	80%
INCOME		Interest Rate	6%
M Rental Income	$895	Title Fees	$600
Other	$0	Loan Fees+Appraisal	$1400
Total	$895	Loan Amount	$46,400
EXPENSES/m		Amortization Term	30
Mortgage Payment	$278	Months to stability	3
Taxes	$80	Carrying Costs	$1479
Insurance	$35	Years fixed	30
Management	$80	PITI PAYMENT	$393
Vacancy (1 month)	$75	P&I PAYMENT	$278
HOA	0
Repairs/Maint (7%)	$63
Water/Trash	$0
Realized Expenses	$393
Other Utilities	$0
Total	$332

Here are the numbers on a refi which I can do 6 months later, if I want to pull ~$10K out:

LTV	80%
Rate	6%
Fees	$1500.00
Closing Costs	$800.00
Loan Amount	$80,000
Equity Left in Deal	$20,000
New P&I payment	$383.71
Expenses	$332.07
New Cash Flow	$179.22
New CAP RATE	6.8%
CONV to REFI LOAN
Cash out/Left in deal	$13020.93

This looks like a really good strategy to me - to use my cash, do a deal, pull out the cash (and then some) and continue to roll forward.  So, can you guys tell me what I'm doing wrong if anything?  I have a pretty good manager on the ground and a crew that she's vetted.  Rehabbing one deal right now that seems to be going well.  

Any sage wisdom/words of caution?  Thanks in advance.