BRRRR questions? is this the perfect oppertunity?

[Nick Marconi]

Hi everyone, I recently purchased my first home using my first time home buyers getting the 3.5% down. I lived in it for a few months and then decided to move in with family for personal reasons. since then I have been renting it out and it has been great cash flow. after a year of renting I started to look into the BRRRR process. I got the house for 115k and it is now valued at 200k. if I were to refinance I would get what I put down and put into it back in my pocket. is this the perfect opportunity to proceed with the BRRRR process?