Experienced BRRRR-ers - Am I looking at this right?

[Alex Wright]

Hey all,

it's been almost a decade since I've done a BRRRR so just sanity checking how this looks in today's environment

I've been considering dipping my toe back in and found something I could probably get around $200k — needs some work but nothing crazy. I’d try to handle some of the basics myself (flooring, paint, etc). estimating around $60k all in on reno. rents around $2k

Now obviously this is where things have changed since I did mine - Interest rates - the refi side just doesn't feel great at today's rates. you're only pulling out about ~$20k, which leaves ~$65k still in the deal and at that point it's actually losing money post-refi. So it ends up feeling less like a true BRRRR and more like you're still pretty heavily in the deal after everything

I guess my question is how people who are actively doing BRRRRs right now are thinking about this?  Is this just how deals look with rates where they are, or am I missing something here?