Help me understand the BRRRR Math. - what money is left in the property?

[Dylan Mortman]

I'm trying to understand the amount of money that is either left in the deal or considered "gained" through a refi.

At the highest level - What do I subtract from the big chunk of money I get from a cash out refi?

Example: If I am lucky enough to buy a property for $320k, put 25% down ($80k down :: $240k loan), put $200K towards rehab, and lets just guesstimate about $35k in closing cost and holding cost while rehabbing. So roughly $315k cash out of pocket. I guess a super conservative ARV number (likely higher) of $650k... the refi (~70%) would come out to about $450k.

What do I subtract to figure out how much money I lost/ gained? ($450k) - (initial loan amount?) - (cash out of pocket?) - (anything else?).

Any info would be greatly appreciated