Need help on BRRRR deal

[William S.]

I'm struggling on the refinance portion of this potential BRRRR deal below:

Purchase Price: $30k cash (10% private money interest only)

Rehab: $30k (LOC/credit cards). I do full rehabs, plumbing, roof, electrical, windows, etc

ARV: $80k

All in: $60k plus some holding costs/interest

Refinance 75% LTV = $60k 30 year fixed mortage @ 4.5% (no money out of my pocket)

Rent = $1,050/m

Mortgage = $304/m

Insurance = $50/m

Vacancy = $87.5/m

Taxes = $271/m (ridiculous Milwaukee taxes)

Repairs = $50/m

CapEx = $150/m

Property Management = $105

Lease Fee = $42/m

Net Cash Flow = -$9.50/m

So after the refinance I am negative. Why? What is wrong with the deal? Is it due to refinancing an amount that leaves me no cash flow?