BRRRR - am I getting it right?

[Tim Youse]

Before I actually make my first BRRRR purchase I wanted to make sure I'm getting it right. Let me know if I'm forgetting something in my numbers below please:

Buy
purchase price	$50,000
down payment of 20%	$10,000
closing costs	$2,000
total acquisition costs	$12,000
initial mortgage payment	$191
Rehab
rehab costs	$30,000
6 months holding costs	$3,000
rehab costs + acquisition costs ($12k)	$45,000
Refi
house appraises for	$125,000
cash out for 80% of that	$100,000
cash out ($100k) minus total costs ($45k) and initial principle balance ($40k):	$15,000
new mortgage principle balance:	$100,000
new payment is:	$477
Rent
Market Rent	$1,200
monthy profit (not including expenses other than debt service)	$723
Repeat
Investment Costs ($45k) plus cashout ($15k)	$60,000
Annual rental profit	$8,676

Am I doing it right?