What Amount to Refinance to?

[Luke G.]

I'm not a newbie but I'm still trying to learn, I've been buying rentals for the past 3 years while working a normal W2, and currently am the sole owner of 38 units across the state of WI.  I'm curious to see what other people would do if they were in my situation.  I have a property under contract that I'm getting a great deal on, seller is retired and lives in FL and wants to get rid of his last rental in WI.  Before the high and mighty stealing your equity group jumps on me, he literally said to me I just want enough cash to pay for a new pool, there's no such thing as low-balling me (interesting negotiation tactic but I'm not complaining).  So I offered him 30k cash for his new pool and he accepted.    

Purchase price: 30k cash (needs a new roof so an additional 7500 will be invested).  Current rents are at 675$, but it is pretty easily a 900$/month house.  No, it's not in the ghetto either, I own quite a few in the area and it's working class.  

All other major cap ex expenses have been taken care of, has a newer bathroom, newer kitchen, electrical updated etc.

As it sits it will likely appraise for 65k with a new roof.  I'm well aware of how to analyze deals, so please don't ask if I've accounted for cap ex, insurance, vacancy etc.    

Once I buy it I will do a cash out refi, but I can't decide for what terms.  I have 4 options the way I see it.

A.)  Cash out full 65k refinance on a 30 year fixed (4.6%), cash flow= 291$'s.  Cash out Money-  14.5k

B.) Cash out full 65k refinance on a 20 year commercial (5.85%), 10 year fixed, cash flow= 183$, Cash out- 14.5k

c.)  Cash out Refi but only 37.5k to re-pay my own cash on a 30 year fixed (4.6%) Cash flow= 400/month, cash out- 0

D.) Cash out Refi but only original sum on a 20 year commercial (5.85%), 10 year fixed, cash flow- 342/month, cash out- 0

I'm leaning towards A unless someone can talk me out of it.  The main difference between C and A is basically the return on that 14.5k is around 10% if just leave it as equity, I've yet to do a deal that doesn't double that.  B and D obviously have higher equity pay-down, but smaller cash flow.  Most of my properties are on commercial loans, but I still have availability of 30 year terms.