I am evaluating a deal, I am at the point where I am seeing what I will actually make

the deal structure

ARV$400,000
65% of ARV
$260,000
Minus repair cost-$70,000
Purchase price - $190,000
Lender funds 100% of the $190k purchase because the spread to ARV covers the risk.

hard money loan
Loan amount (purchase only) -$190,000
12% interest / 6 months-$11,400
Origination: 2 points-$3,800
Total financing cost-$15,200
Repairs are drawn from the loan in tranches, first draw at 25% completion (~$17,500).

out-of-pocket at start (before 1st draw)
Buyer closing costs (~1.5%)-$2,850
Contractor work to hit 25% draw-$5,000
Builder's risk insurance (6 mo)-$1,200
Utilities turned on-$300
Dumpster rental-$600
Porta-potty (6 mo)-$900
Permits-$2,500
Est. out-of-pocket to start-$13,350

holding costs (6 months)
Property taxes (~2.2% Houston, prorated)-$2,090
Utilities during construction-$600
Total holding-$2,690

sale
Sale price (full ARV)$400,000
Realtor commission (5%)-$20,000
Seller closing costs (~1%)-$4,000
Net sale proceeds-$376,000

profit summary
Net sale proceeds-$376,000
Loan payoff (principal)-$190,000
Repair draws repaid-$70,000
Financing cost-$15,200
Holding costs-$2,690
Buyer closing + startup costs-$2,850
Pre-tax profit-$95,260
Short-term capital gains tax (22%)-$20,957
Walk-away (after tax)$74,303

ROI on cash deployed557%
Cash needed at closing~$13,350

Not a bad spread if its making money using "hard money" and a little upfront cash.