Can someone help me with cash-out refinance?

[Tim L.]

Hi guys, stupid question time.

I'm looking to refinance my rental property, in order to free up cash to purchase my next rental. I was wondering if someone could help solidify the numbers for me.

Original purchase price: $125k (April 2015)

Current property value: $160-180k. 

This is a big spread, I know, but houses in the neighborhood are selling in this range and mine has some of the more desirable features (waterfront, remodeled kitchen/master bath, and tile/laminate floors where most have carpet). I feel pretty comfortable placing the appraisal at $170k.

Current mortgage balance: $94k

Current mortgage payment (including PITI + $340/mo HOA): $1030

Current monthly rent: $1450

My credit is excellent, and I have a good w-2 salary, so I assume I will get a favorable rate. However, I'm worried about the new loan cutting too much into my profit. As you can see, I'm already stretched pretty thin. The good thing about this property is the HOA covers everything outside the front door, and the water heater/AC are no problem for the foreseeable future. In other words, repairs have been (and should continue to be) minimal.

I'm ok with taking a slight hit to my profit on this deal, as long as it allows me to purchase another property to make that profit back. 

I'm hoping to net $25k cash after refinancing. Is this possible?