Advice needed for deal in chicago

[Nnabuenyi Anigbogu]

Hello again everyone,

I am currently considering a deal in Chicago using the Buy, Rehab, Rent  and refinance strategy. I will be buying with hard money and refinancing into a conventional loan. Below is the high level view of the deal details.

Purchase price of the building is 260k and estimating rehab at 70k. I am using 11% interest and 4 points to factor the hard money loan. Refinance is being factored at 80% cash out and 5% long term interest rate. My goal is to be able to get all the hard money repaid from the refinance. My money can stay in if needed. So even if the ARV drops to 400K i can still refinance to pay off the hard money.

Also i included management to see its impact. I plan on managing this for at least the first 2 years till i get enough units (10+) to hire a property manager. So the number for the first two years will actually be better. And this is a long term hold in an A/B+ area with low vacancy and good chance of appreciation.

Please proceed to tear the deal apart. I want to see all that i missed or did not notice. 

Thank you