Is this a bad deal because of mortgage rates?

[Emily Lien]

List Price: 235k

Reno: 45k

ARV: $340k

HOA: $100 / month

Zillow Rent Estimate: $2,300

I couldn't find any information on current investor mortgage rates, so I used 8.1% (my HELOC interest rate) for the calculation. My credit score is 790 but since I'll be using my HELOC to purchase the property, it'll probably drop to 740.

From the mortgage calculator below, the monthly payment would be $2,340. I just wanted to double check that I did all of this correctly. It seems crazy that a house listed this much under ARV still doesn't work out to be a good deal with these rates.