Need some guidance. Are my calculations correct

[Jeff Heng]

I'm new to BP and RE investing. I am wondering, what I should do now that I have equity. I'm not sure if I'm including everything in my calculations. I would like to get into real estate investing but not sure which situation would give me a better return. I have a house and owe about $115,000 @ 3.25% with 12 years remaining. The house is worth about $320,000. We plan to move to a different city. Should we sell the house and take the money to buy a new house for us to live in and find an investment property OR pull equity out and keep my old house as a rental and buy new house. If I pull equity out should I do a cash-out refi or HELOC?

 Here are my options: 

1. Sell house and get new house and new investment property.

 If I sell our house I would have $200k. Put $75k on our new house and have $125k for investment. House mortgage would be about $1,800. Investment, the cash-on-cash return of 6% (typically around my area) that’s about $7,500 in income. 

2. Refi $75k, keep old house as rental, and buy new house to live.
If I refi and pull $75k for new house. My new refi is at $185k @ 4.5%. Mortgage would be about $1,200. I can rent my house for about $1,500 but with other expenses such as property management. I would probably break even or have a slight negative cashflow. 

3. Pull HELOC of $75k, keep old house as a rental, and buy new house to live.

For HELOC, pulling $75k @ 4.75% for 20 years is $485. Add my current mortgage of $1,200. That's $1,685. Rental income is $1,500 and other expenses. This is definitely a larger negative cashflow.

Are my numbers reasonable? Am I missing anything and are my calculations correct? If so, should I go with option 1?