Can and should I CASH out?

[Matt Hummel]

I bought an off market 3 plex that was used for one family to live out of, they owned all the units and lived in them all. I bought off market for what I am pretty sure was about 70k less then I thought it was worth as a house in the area. I bought it for 370k and have all the units rented out for year contracts at a total of 3850.00 a month. Also, my insurance company after looking at it, had me insure it for 511k calculated rebuild cost, it also sits on 2/3rd acre in a nice area...

I think i know my answer but before I go look around I wanted the opinions of others, Can I do a cash out refinance now that I have it rented even though its only a 3 plex and not a commercial property, according to my bank who classifies them as 4+? Any additional info or opinions would be appreciated !

thanks in advance

Matt