Is this a good Deal.. Or no deal?

[Nicco M.]

Hey BP fam! 

Looking at a 3 BR 1 bath value add property and I was hoping to get another pair of eyes on this:

Purchase price 105k

-16000 down payment  = 89000 loan

35k in repairs

52k all in w/repairs + DP

176,000 arv based on area comps 

I’m hoping to cash out refinance into a loan for 176k:

176k ARV - 89000 Loan = 87,000 x .75 =

$65,250

This would leave me with 13k on top of my all in. 

Rent in area for 3/2 is slightly over $1,400

Thoughts?