Refinance on home turned rental

[Alex Ballas]

In south philly area, purchased SFH for 224K in 2014 with 10% down (24k) at 4.25%. I rehabbed the property, and am estimating appraisal at a minimum of 280k conservatively. I rented it out and now want to cash out and refi to buy more properties.

Is it worth trying to pull out my initial 24k, or more?  The property has positive cash flow, interest rates are lower, and  the city just reevaluated land value so I was hit with a 9% property tax increase on the land value (its quite a big controversy here in Philly).

Best way to maximize my cash out, lower my rate, and let the renters pay it all of over time? THANKS!!!