Subject-to offer with refinance exit

[Ikenna Okoye]

Hi everyone,

I'm just preparing to re-offer to a seller with another option, subject-to. I want to make sure that the offer makes sense: 

Details: SFH, 4/2

Cash out = $133,000 @ 70%LTV ($190,000 ARV)

Rehab costs: $47,800

Holding costs & loan costs: $14,600

Offer = $74,000

With this offer, I would be eating some, or really all, of the loan costs and if I could get the tenant to live in the property while the rehab is going on (maybe an outlandish thing to assume), this would cover the holding costs.

Does this sound like a decent deal? Are any of my assumptions unreasonable and should I re-evaluate? 

thanks,

Ikenna