Is purchase price good for project. Should I use 50% rule or not

[Julius Moore]

I am trying to evaluate a potential project and I have positive cash flow, however when I look at 50% rule it's negative. I am using private money and am trying to determine is this a good deal. Cash flow is approx $538 month and this is a BRRR deal. Purchase price on house is 105K with 225K for rehab, approx 17K cost of money and I'm looking to take 50K out for profit after refinance, Income approx: 3400.The ARV is approx $450K I would appreciate all feedback.

Thank you

Julius (New Investor)