Cost Analysis on a Cash Out Refi

[Daniel Garcia]

Hi team, first off thanks in advance for all the thoughts and considerations. 

I currently own a SFH near Bend, OR. I've been pre-approved for a cash-out refi at 5.5%, 30 year fixed and will bump my mortgage payment up from $657 to $1050. I'll still cash flow in the SFH with the bumped up mortgage.

My current terms are 4.85% I'll be able to pull out $80,000 cash, which I'm hoping to couple with $19,000 of savings to purchase a duplex in the same market. I feel pretty confident doing an analysis of the duplex and project expenses, which cash flows nicely at $535 a month and a cap rate of 6.3% in year 1, assuming steep cost estimates and market rents. THIS ANALYSIS doesn't not take into consideration the fact that the down payment is costing me 5.5% plus closing costs. 

Here's the question: How do I cost the cash-out refi into my analysis for the new duplex? Would any one look at my spreadsheet? I'm keeping the SFH and the duplex in separate analysis, but curious how other investors analyze properties when they rely on each other for purposes of financing? I hope this all makes sense. Thank you again!