@Scott Bell Are you including everything in your capex budget? $75 per month seems low. Mine has roof, floors, hvac, appliances, hot water heater, bath and kitchen remodel, exterior paint or siding, driveway, etc. Let's look at floors. Assume 1000 sf of flooring. Look at the commercial warranty. Most are 10 years(lifespan). My area it is $6 sf to replace. $6000/10 years lifespan/12months in a year=$50 per month for 1 item. If the floors are 5 years old so now you have to save double or $100 per month just for 1 item or be prepared to pay for it out of pocket. Unless you have a lot of cash flowing properties or in a high rent area 5% capex is too low. My minimum is 10%.
@Scott Bell I wish they had better demonstration on the use of the calculator. What is a 5% vacancy? You have a tenant turnover every 20 months. 5/100= 1/20. I analyze at 8% or 1 turnover per year as I am conservative investor. Will 5% be enough for repairs. Usually unless you experience a collapsed sewer line. This is where, is this capex or repairs.
I missed the refi part. Conventional lending will need a 6 month seasoning from when you purchased to refi to allow you a cash out refi. Unlikely you will get a 3% refi for non owner occupied. Likely limited to 75% of ARV. Good luck.