Did I Accidentally BRRRR?

[Account Closed]

Ok so off the bat I obviously didn’t because I haven’t refinanced or repeated… but hear me out:

June 2020

$120k purchase price, 2 unit (2 bed & 3 bed)

Rent $1200

June 2021

-Made some minor improvements ($6k spend, knew these were necessary when buying)

-Rent $1,575 but with an upcoming vacancy expect it will rent for $2,000

So by end of the summer we expect to have rents up from $1,200 to $2,000. Homes in the area sell for right around the 1% rule.

All this to say… damn, should I be looking hard for a cash out refinance once we place the new tenants and they show a few months of consistent payments?

I’m a noob so please tell me if I’m an idiot here and missing something!