Is my BRRRR ARV too high?

[Steven M Herrick]

Hi, new investor here analyzing deals to find my first BRRRR opportunity.

I've found a property in RI that meets all the criteria I like to see... multifamily in need of rehab, some work already started, good location, etc. 

The issue is this: the property could be acquired and rehabbed with a basis of $175K-$200K (assuming my offer is accepted or negotiated up a bit). The ARV on this property would be in the range of $300K- based on comps (what a steal!) The cash-out refinance would return more than the original basis invested. BUT, the mortgage on a $300k loan (plus taxes, maintenance, capex, etc) results in negative cash flow. The property simply wont rent for enough to cover the expenses.

I could do this, and (best-case scenario) put about $35K into my pocket after 6 months of seasoning. But then I'll just bleed out holding the property... What's the solution? Is this an indication that this is a flippable property but not a hold? Or is there something I can figure to raise cash-flow without sacrificing the big cash-out refi? *EDIT: Maybe I would need to sacrifice the big cash-out if I want to hold this property?

Any advice would be greatly appreciated!