Refinancing without adding value

[David Zimmer]

If I were to put 20% down on a property and then refinance shortly after with no significant changes to the home, would I only be costing myself the closing costs of the refinance? I know the BRRRR strategy usually involves adding value to the property to pull MORE cash out, but I'm looking at the downside or risk of using BRRRR without adding value. One property I'm looking at needs no significant upgrades.