Refi with Cash Out option for Rehab

Hello all, I'm in the process of refinancing a 4 unit apartment building to get out of an 8% loan. The new rate will be 4.5%. In addition to the refi, I have the option of pulling down an extra $30K. Based on my calculations I will need to generate an extra $75 unit to cover the additional cost of pulling down the extra $30K. I'm considering reinvesting the extra funds into freshening the kitchens and baths in each unit. The market rent in the area will support a rent increase of $100-$200 /unit after they are updated. I've wanted to make these updates for a while and was deterred due to the capitalization of the expenses preventing me from writing off the entire costs for the year. I'm looking for comments regarding this strategy. Is this a sound idea/approach? Thank you for the information!