How to fix this BRRRR when my ARV is less than planned

[Connor Thomas]

I recently bought my first BRRRR and am trying to figure out what I should do next as I feel like I am a bit in a bind. Part of it is a learning process and I have learned a lot for future deals. Another part may be me getting a little nervous. I was thinking the house would rent for 1200-1350 but it seems now the range is 1000-1200 with 1200 being the highest for the area so may be hard to get. I was estimating the ARV at 160-165k which I don't know what it will be for sure but I'm a little worried it might be less which throws a wrench in things as well.

I bought a two bedroom one bath house in Indy for 70k which was 10k under asking. Renovation is 46k and is being done now and roughly 4 weeks from being done. I purchased it with a HELOC so higher interest debt until I can cash out refi. Plus any miscellaneous payments such as interest, inspections, etc.

At this point I think I need to finish the renovations regardless. It’s looking like this will cash flow neg just with est mortgage payments plus insurance and taxes of $1100ish (after renovation), property management of $120. 

The house is a simple two bed one bath with a garage and a fenced in backyard. The renovations are going to be higher end and the house is pretty simple with a detached garage but no closets in the house. 

I feel like I wanted to really start growing my portfolio  but feel like I may have jumped the gun. What recommendations might I consider? Let me know if you have any questions