Sell and scale, or BRRRR?

[Brian Shand]

I purchased my first house last year, June 2021, for $270k in a hot market with TONS of new construction everywhere you look. This house is a brand new construction as well. Since then, it's appreciated quite significantly and is currently comping out to between $450-470k. I write this post because I'm seeking guidance on what I should do next.

I am currently house hacking: Mortgage is $1,400 and I’m collecting $1,500 in rent from my one roommate. Rents comp out to $2,500 if I were to fully rent out the house.

Here’s where I could use advice:

Do I sell the house and walk away with ~$130k (after realtor fees, closing costs, capital gains tax, etc.) to reinvest? If so, I’d use approx $20-30k on another primary residence down payment, and purchase 2 cheaper properties utilizing the remaining $100k as 20% down payments (provided they cash flow of course but given the market I’m in, is very feasible).

OR 

Do I just buy another primary residence (and house hack that one too) and rent out my current house and cashflow $1,100 from it each month and let it further appreciate?

OR 

Do a HELOC or cash out refi to purchase another property?

I don't have much saved, so going with option 2 would eat up all of my savings. I'm also slightly experiencing FUD in the market dipping and me missing out on opportunity?

I’m in a position in my life where I have no kids yet, am young enough to bounce from property to property, and am a risk taker. My plan initially was to purchase a primary residence house each year, to take advantage of the low down payment requirements and maximize leverage. But if I’m sitting on considerable equity, I think doing nothing with it is wasted potential. What would you do?