August of 2011 I bought my condo for 175k. We did 5% down and spend quite a bit of money remodeling it to meet our needs. Back that time we couldn't find anything we liked, and this was cheap enough that we could spend a little extra to make it comfortable for us.

The neighbor was pending for 30 days, and today it finalized the sale for 289k. It is the same floor plan, same level, pretty much the same. He didn't remodel, mostly have the 1983 kitchen, and old appliances.
Another neighbor is also pending, it went for sale after the one above, for 315k and after talking to their agent, he said it will close escrow in a couple weeks for 315k.

I don't have plans to move right away, but in a couple years I will need a bigger place. We planned to rent this condo, when that time came. Now we are considering between selling and realizing the profit or refinancing and getting money back, and buying a second condo/house to rent.

So far the pros of refi and buying another place as rental are:
- we don't have to move, nor remodel our next place
- we don't pay taxes for what we cash out (until we sell)
- we don't have to pay real estate agent fee

What I'm afraid is to pass the opportunity to sell at a good price.
If we refi and leave 25% only (we have 50% equity), we would be able to rent it with cashflow close to 0.