Refinance my primary for down payment on multi family?
Currently we have a 15 year 2.25% August 2020 on Our primary home. We are currently in the process of $113,000 cash out refi 2.99% 30 year.
We would use some of the money for the down payment listed below.
Our offer got accepted on a quadplex (1 bed/1 bath) by a university:
$210,000
Down payment: $53,000 (25%)
CoC 7.36% 340$/month
550, 425, 395, 375 (1745 total) current rent
550-595 market rent.
If all were 500$: CoC 11.44% 528$/month
Should we do this deal with money from the refinance of our primary?