Example BRRRR property...Help would be appreciated!

[M. Anthony Contrascere]

Hello BP,

I am familiarizing myself with using the BP BRRRR calculator, and I feel like I may be missing a few steps while calculating the REFI step. I'll include my example property below:

• Purchase price: $349,000

• Total cash invested (20% down payment, repairs, closing): $104,800

• ARV: $400,000

• Cash-out refi at 75% (per mortgage lender): $300,000

Correct me if Im wrong...I would subtract the $104,800 from the $300K = $195,200. Subtract loan fee/escrow account = $186,000 after refi. 

That is money lended to me after I pay off original down payment/closing costs/rehab costs...? I would really appreciate some insight if I am calculating something incorrectly. Thank you in advance!