Cash out refi to buy first investment?

[Tanner Woolley]

My wife and I are about to do a cash out refinance on our primary residence and get around 80-85k in cash to put towards a short term rental investment property. It will increase our personal residence mortgage payments by about 350-400/month, so that means we need to at least clear that on top of our vacation rental STR mortgage. For anyone in the STR market/game, if we have a property is it pretty typical to be able to clear more than 400/month on your STR after all expenses? We're looking in TX and thinking San Antonio. We're probably only going to use 40-50 of the 80k right away and use the rest to hopefully get a second property a year or so later.