Newbie investor doubts

[Blesson Biju Alexander .]

Hello, I'm a newbie investor, who is interested in rental properties. I have a few questions.

1. Just to clarify something, Is cash-out refinance, possible only if there is a rise in your home price or if there is a less interest rate. ? 

2. Imagine i bought a house for 1,00,000 and now the house price went up to 1,50,000. lets say i paid up 40,000 dollars , and i owe 60,000 back to the lender.  I would like to know the amount ill be able to cash out with this rise in prices, and what would be the new loan amount. Im not sure how i can calculate this 

I went though a couple of videos but i couldnt get  a hold of it actually.