First rental property - need some inputs

[Phuoc Nguyen]

Good morning, 

This is my first rental and want to get some feedback on our first deal. We recently bought in Florida 3 bedroom / 2.5 BA property under market value. They wanted $175k we bought it for $165k with the need to rehab. We had to put another 20k into floors, roof, paint and kitchen. Rent is going to be $1925 with a pm taking 12% off the top but we will still be cash flowing $400 a month. My goal is to pull our downpayment out and roll into another investment property if possible. How can I can I appraisal to get refi? Its seem like zillow, redfin etc sites showing our property on value at $170-180k but similar houses with same criteria valuing at $190-210k. Thank you for your inputs!

[Nathan Gesner]

Lenders will only give you 70 - 80% cash out. If the home is worth $200,000 and you own it outright, you could cash out maybe $160,000. But if you bought this with $40,000 down then they probably won't give you anything. 

They typically want you to own it for a year before they'll cash out any equity.