Single-family BRRRR Only Cashflowing $100 after refi

[Wyatt Pfeifer]

Hi all! 

I am currently evaluating a single-family property that will end up being a BRRRR. The numbers of purchase price and estimated rehab costs all check out against the ARV. However, my issue I'm struggling with is the rent in the area is almost capped at $1100/month (realtor said she's never seen properties rent for even $1200 in the area). After the cash-out refinance, my cash flow is just at about $116/month assuming $1100/month rent and factoring in variances of vacancies and maintenance totaling $121/month.

After the refi, only $6000 is left in the deal, which is great, but I'm hung up on the "lower" cash flow. This would be my second property, so I would appreciate anyone who's been here before and if that low cash flowing deal worked, or became a nightmare. I understand every property is different and everyone's strategy is different, but I'd appreciate any advice someone may have!