Refi cash out evaluation

[Kiran K.]

Hi All

I have SFH bought for 165K, 5K closing costs, financed 75% of purchase price at 4.5% 30 yr. Spent 20K for rehab, renting for 1500$/month.

Now property is showing 300K (zillow estimate), I'm considering refi-cash out and invest in another property (haven't decided on SFH or other venues). Rates went up on refi-cash out, looks like around 5%, given i have unpaid principal of about 120K, I have equity of about 105K (300*.75-120).

Any suggestions or ideas on how to leverage the equity in the property, is it good idea to refi cash out and reinvest with above situation? 

PS: Any calculators that can show the numbers (ROE,ROI) with and without cash out?