Did I make a mistake? Walked away from this deal.

[Care Peel]

I spent months trying to get this deal and ended up walking away mainly because I couldn't see how to get my money back when I tried to do a cash-out refi. I would think buying a home with an ARV of 78K for 45K would be a good deal. But apparently, either you have to buy with cash, it is a bad deal, or I don't know what I'm doing. :-)

Notice the max offer should have been 41K.
I could only drop to 45K or the bank wouldn't finance it. Too small. Not worth their time. (conventional loan)

Here are the numbers:

ARV	78,000.00
80% ARV	62,400.00
Repairs	21,000.00
Max Offer	41,400.00	= 80% ARV - repairs
Conventional Loan Amt:	33,120.00
Down Pmt (HELOC):	8,280.00
Total Financed by HELOC:	35,280.00
HELOC Pmt:	409
Loan Pmt	310
Ttl Pmt	719
Cash On Cash Evaluation
Revenue	800
Exp Loan	719
Exp Cap Ex	40
Exp Repair	40
Exp Vacancy	40
	-39
Cash Out Refinance
80% Value	62,400.00
Cash Owed	68,400.00
	-6000.00

I could have got it for 45K.

I would have done it except I was using my HELOC to make the down payment.

It would have been at 7% interest. 

I could have bought the house for cash (HELOC) but didn't have money for repairs if I did.

My main questions:

1. What did I do wrong? Right after I walked away another investor bought in a matter of days.

2. When you do the cash-out refi, should I expect to get all my money back? Or is having $6k left to pay back on the heloc normal/acceptable?

Yes... I'm a newby looking for some direction.

Thanks for any insight you can provide.