Is a cash out refinance possible in this situation ?

[Faysal Alam]

All right so I bought my house in July 2020 , the mortgage on my house is $4050 , I rent the first floor for $2400 with utilities included , they just finished year one of a 3 year lease , the second floor is renting for $2150 with utilities separate but as of January 1st the rent is being raised to $2,300 with utilities still separate. Water is on average another $100, electric $100, heat about $200 in the winter months , and in the other months it's around $50 so I take the other $150 toward cap ex, so all and all the expenses I account for are at $4450 and I get $4550 from rent , but it's going up to $4700 starting January . I currently live in the basement unit which can be rented for $1300 if I were to move out but in this case I'm living for free. As far as income 2019 I made about $40,000 on the books, $25,000 in 2020, and I'm projected to make $40,000 (W2 income) in 2021 with maybe another 20k from 1099 Uber income , another 18k in cash off the books from tips , two families sell in a 1 mile radius for an average price of 950k I currently owe $680,000, I bought the house for 715k last year , also my income does not include the rental income as I have not filed that as of yet and I would for 2021 , based on all of these numbers would I be able to get a Cash out refinance at a $950k appraisal for a new loan of $712,500 pay back my loan for 680k , take the difference of $32,500 in a cash out , it would probably lower my mortgage as I would get a new loan at 75% LTV based on the new appraisal, meaning I would have 25% equity left in the house and remove my PMI . Side note I have about 20K in credit card debt which is currently at 0% interest , and a 42,000 car loan , I know not the best for the situation I'm in but it is what it is I need the car to make money so it is also an investment as I'm a pizza delivery driver in the 1099 income would come from driving Uber . Based on all of this do you think a Cash out refinance would be possible I'm currently at a 2.85 interest rate, but a new loan without PMI would ultimately lower my payments and bring me more cash flow . Help on this would be appreciated I know there's a lot in this