New Construction Deal

[Julius Moore]

I am trying to evaluate a potential project and I have positive cash flow, however when I look at 50% rule it's negative. I am using private money and am trying to determine is this a good deal. Cash flow is approx $538 month and this is a BRRR deal. Purchase price on house is 105K with 225K for rehab, approx 17K cost of money to private lenderand I'm looking to take 50K out for profit after refinance, Income approx: 3400.The ARV is approx $450K I would appreciate all feedback.

Thank you