BRRRR answer needed pronto!

[Ryan Kennedy]

Hey Guys,

Sorry I'm terrible at math but I have a rather urgent question. I'm getting a private loan from a friend to fund a BRRRR that I plan to live in once rehab is complete. I just want to know what the home will need to appraise for in order for my friend to get their investment and interest back once i refinance. Here are the current numbers -

Purchase price - $217,000

Rehab - $100,000

Estimated ARV - $450,000 (I'm looking for a precise number that I need to hit, this is where I need help!)

Private loan - $317,000 @ 10% interest.  I would like to make interest only payments and then pay off the loan in full when I refinance into a conventional loan after 6 months.  

If I cash out refinance at 80% in 6 months, what does the appraisal need to be in order to make sure I pay my lender back? I'm sure the answer is simple, but I'm having issues with the BRRRR calculator to get that specific number.

I'm also very open to recommendations on how to structure this.  Thanks!

[Shawn M.]

Must appraise for roughly 396k