A sweetheart of a BRRRR deal

[Nick Mullen]

Here's my first BRRRR deal:

I'm buying a 2/1.5 bath townhouse for $370k (for sale by owner AND owner financing). I'll be gutting the place and turning it into a 3/2.5.  I'm in northern Virginia and can rent this place for +-$3000/month. 

370k with 10k down, 70k for the repairs. So I'm in for 80k cash---And 360k is financed on the place. Conservatively, the ARV is 460k. So if I pull 100k out and I have a sucessful BRRRR?

What am I missing? Thanks