First BRRR deal. Looking for constructive criticism

[Taylor Murphy]

Hey everyone, I am going through my first BRRRR right now and am looking to get some feedback. This is my first ever renovation project, all my others have been turn key 4 plex's so far but am looking to learn this new strategy to help grow my business. So here's a breakdown of the deal.

Property is a duplex

Purchase Price- 120K

Rehab- $9,300(Rehab has finished as of today

Closing cost and insurances- $9,140

ARV= 165K

Total rent= 1700

I used a commercial loan to purchase the property at 25% down (Bank forced me to do 25 because of the area. Its not great but its not bad either)

I had to bring 35,500 to the table (25% down payment plus closing)

I spent $9,300 on rehab and a additional $1K on inspections and flood elevation survey to get the flood insurance down

I have no holding cost because there is currently a tenant in the front which is floating my mortgage and insurances

Total out of pocket for the entire project is roughly $46,000.

I will be refinacning into a 30 year commercial loan with 20% down, so if the ARV comes back at 165K like its expected to I will get a check for 132K. I will use that 132k to pay off the existing loan which has a balance of 90K, then will be left with 42K to replenish the 46K it cost me to do the project. Now there is still the cost of the refi not factored in to any of this so I'm looking at being out of pocket about 10K.

I did not expect this to be a perfect BRRR from the get go, I was expecting it to cost me about 5-10K when it's all said and done so I'm on the higher end but I'm still on track with my original projection.

So currently I am looking like it will cost me about 10K to have 20% down in a 165K property that will cashflow roughly 550/month.

Looking for some constructive criticism or any thoughts and ideas ya'll may have because this is my first BRRRR and this will be the blueprint for BRRRR's in my market moving forward. I will now have a better idea of renvoations, refinancing a property, and overall knowledge of what it will cost me to pull off a zero money down BRRRR in the future.

Thanks in advance!