What should I do next?

[Chris Hosier]

Hi there, I have a question about the first SFH I bought last year and I hope someone can help me out. The home is located in Fort Smith, AR and is a 3/1. I purchased the home October 31, 2018 and financed it for 15 years at 5.49% This is a buy and hold that I have been pleased with, but I had someone tell me that I should BRRRR this property. Having not done a BRRRR before, would that be the smart thing to do? If so, what would my next step be? Do I call the lender and just let them know I want to refinance this home?

Purchase Price - $45,000.00

Down Payment - 15% / $6,750

Repairs - $12,000.00

All in - $57,000.00

ARV - $65,000.00

Property is rented for $825/month

5% Vacancy - ($41.25)

Property Tax - ($62.67)

Insurance - ($75.00)

10% PM - ($82.50)

5% Repairs - ($41.25)

5% CapEX - ($41.25)

5.49% @ 15 Years - ($326.52)

Cash Flow - $154.56/Month

Thanks in advance for any input and opinions.