BRRR Question / Help

[Billy Kane]

Hi BP,

I have a situation and wanted to know if my thinking is right and if this is a good deal:

Purchase price 105K

ARV - 150K

Rehab Cost - 32.5K

Closing Cost / Fees / Buffer - 2.5K

Monthly rental - $1200

Monthly expenditures - $900 

Cash Flow $300

This is only a 2.5% return if I was calculating on the 140K I put in, but if I refinance and pull out 70% of the ARV, I will get back 105K resulting in me putting in only putting in 35K for this house. With 35K and a monthly cash flow of $300, my yearly return will be about 10.2% return. Is this a good deal?

Are there situations where I can not pull out all %70 of the ARV?

Am I buying at a too high price for this to work? 

Is there anything else I am missing or at risk?

Thanks!