Rate my first BRRRR

[Guillermo Perez]

Can someone please let me know if this is ok for my first BRRRR.

I got a $200k HELOC on my primary residence to help fund my first BRRRR. I bought my first investment property cash, for $101K. After closing costs, it was about $107K. The ARV was believed to be around $235k so my agent told me to try to stay all in around $176K. The house was a 3 bed one bath. After adding an extra bedroom and bathroom and rehabbing the house, I was well over budget. I was all in for $203K. I am in the process of refinancing. The appraisal came in at $245K, but they are only loaning me 70% of the ARV. After refinancing, and all the closing costs, I'll probably get around $156K cash to pay back my HELOC. I did save some money to have as back up. I will be paying about $44K out of pocket back into my HELOC. Is this ok, or is this a terrible first BRRRR?

P.S. I do not want to sell because my profits after closing costs will be about $15K. If I keep it and rent it out, I will have around $70K in equity