Just re-worked/re-ran a Cash-Out refi. scenario. Help please ....

[Michael Dunn]

So I just ran the numbers for doing a Cash-Out refi.  via using a Portfolio Loan , assuming 25% down payment 

The Properties that I am looking to purchase will have ARV around the $100,000 - $110,000 range

I am also assuming a LTV of 75%

My Example:

Purchase price of the Property  $35,000   ( this includes $5,000 for closing costs )

Repairs  $40,000  ( I'm pricing this on the high side )

Total purchase Price  =  $75,000

25% down payment on $75,000  purchase price  =  $19,000 required for the down payment 

Appraised value of the home ( ARV ) = $110,000

75% LTV x $110,000 = $82,000

My questions are these ......

1.  The amount I will have to Pay off when I go to do the Cash-Out refi.  =  $56,000   (  $75,000 purchase price  -  my $19,000 down payment  )

The LTV based on the ARV = $82,000

So is the amount of Actual Cash that I can expect to get back , and therefore use for the down payment on the next property ...... $26,000 ( The $82,000 coming from a 75% LTV on the ARV of $110,000 - The Current Mortgage amount ( Payoff ) of $56,000 ?

OR

Will I technically  Always have around $19,000 in cash to use for the down payment on all the following properties, so long as I keep my numbers the same, from deal to deal.... I.E.  My all in costs are around $70,000 - $75,000  and the ARVs come in around the $100,000  -  $110,000 range. 

If these numbers don't fluctuate from the mean , then $18,000  -  $20,000  will be a likely amount in real Cash $ that I can expect to receive each time that I go to do a Cash-Out refi. on a property ? 

Thank you so much for the help , I just want to make certain that I am running the numbers and calculating out these deals correctly.  Thanks again