First BRRRR Questions

[Eric Martin]

I am going to view a triplex property in Green Bay, WI as a potential first BRRRR property. I'm not sure if I'm doing my numbers correctly here to figure out if this is a good opportunity. The numbers are as follows:

Please feel free to correct my numbers if I am doing these calculations wrong

BUY/REHAB
Purchase price: 75k
Rehab cost: 40k
ARV: 174,800

RENT:
Rent per unit $1050 (3 units)
Monthly cash flow after expense: $1803

REFINANCE:
I got some numbers from a hard money lender to purchase the property:

Loan amount $115K at 12% and 3 points
115k(12% interest)= $13,800 in interest 
3 points at $115K = $3450
Total to pay back hard money lender = $132,250

Am I doing this correctly so far?

Assuming appraisal comes back exactly as projected above at $174,800 and I do a cash out refinance

Do a cash out refinance at 70% which comes out to $122,360 which isn't enough to pay the hard money lender back. 

I feel like I'm missing or misinterpreting a part of this process. Someone please come kick me into the right mind and process that I'm missing here. 

Thank you in advance for all the help!