Please help this newbie with some Math

[Zelie Pollon]

 I’m having difficulty running these numbers because they don't fit under any one of the categories here. I wonder if some of you might help me work through this. I'm taking a loan on a single family investment property in a hot New Mexico market. Rather than sell the home (not sure I could ever buy back in) I decided to take out the max on a cash out refi at 3.6%. I have depended on the rental income so am a bit nervous going back into deep debt, but the rent will still cover the new mortgage with $400 left over (per the bigger pockets calculator and assuming the loan will also cover some capex).

I have one condo I’m close to buying but it does not fit the 1% rule at all. It’s 150000 and might one day rent for $1200, maybe 1300 (currently at $800 with 200 hoa/mo)? But if I’m paying cash and the initial loan is covered, do I make the same calculations for each additional purchase? My head is swimming in numbers so I fear I'm not seeing clearly. Input from more experienced folks would be greatly appreciated.