Looking at A Single family that is broken into 2 units. Tentant upstairs and downstairs....$650 a piece.

Last Appraisal was $68,700 , Very good neighborhood - A lot of renters, close to capital and downtown. FMV of houses in same neighborhood is around $90,000//

Motivated Seller - Mom is going into a nursing home, needs to liquate assets. They are looking for Cash.. Can close $34,000 through a hard money loan.. I want to keep the 2 tenants in place - if they are good tenants.. Then I want to refinance 6-12 months later for 75% of the Appraised value.. Pay the hard money loan back, Make my little profit that's left over and have a rental under my portfolio.. Does this sound accurate? What would you guys advise or do different?

Thank you! First time investor. I can attach photos and images..

HML Told Me - 12% Interest Rate and 4 points...

They would fund 80% of the deal (27,200) and i would have to put down 20% (6,800) plus the 4 points at closing, as well as $995 for underwriting..

This property is bringing in 1300 a month.. I plan to cash out refinance after 6 - 12 months.. The last appraisal value of this home was $68,200, basing it off this number 75% LTV refinance would be $51,150.. I pay the HML back his 27,200 then i keep the remainder is that correct? Is this a good deal?