What am I missing here?

[James Beaver]

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What am I missing here...if anything?

This is my first deal using a HML. 

Purchase Price $35K

ARV/COMPs $85K

Repairs $23,750 (reimbursement based after each draw/inspection)

HML Loan $49,937.50

DWN PMT $8,812.50

Lender fee $3500

Processing fee $500

Closing Costs - not yet ascertained ~ $2500

 The initial numbers I did had this as a home run, but now not so sure and the contract has been signed. Should I forego the earnest money instead of forcing this to try and work? 

Thanks in advance.