Analyzing a deal for single family home

[Chameka Meadows]

Hello All,

I am a newbie. I am under contract to purchase a single family home with 2500 square feet for $160,000 with ARV of $220,000. The repair will cost about 10,000 with no major repair needed. I want to buy and hold because this property is in a great neighborhood that we own 2 other properties on the same street with estimate rent of 1300 or more.

I am working with an asset based lender that can lend under a fix and flip with the option to refinance under a 30 year buy and hold. The house will not be approved for FHA or Conventional due to some repair needed which is why I will be making the repair.

I have to come to the table with 34,000 and the lender will provide the funds to rehab which I will not use so I can pull the equity out of the home during refinance.

I have used the calculator and not sure if the numbers was accurate. 

What are your thoughts. I am learning and researching.

Thanks