​Cash Out Refinance After Deal

[Frank S.]

Hi BPs, 

This is a possible deal I came across off MLS.

I need some help to explain the process to my investment partner, my beloved wife .

Buy multifamily cash for $75,000, ARV $140,000

Fix with $20,000 - $30,000

Rents @

$ 900 2/1

$1,100 2/1 plus finished basement

Lender requirements 25% and 5% closing cost:  $140,000 * 30% = 42,000

42000 - 75000 = -33000

This building will cost us 33,000 money down conventional

2,000 * 12 = 24000 / 1.05 = 22,857 after vacancy

50% Rule - (It's more like 35%)

NOI= 11,428

Cash on Cash: 28%

CAP: 8 (95K)

We have credit scores in 800's.

My questions are:

Are the rates for refinance cash out the same then regular mortgages?

Is the process the similar to obtaining a mortgage or is it cheaper?

Thanks!

Frank