Max out cash out Refi

[Thomas Klein]

Hello,

My question is do I max out my cash out refi? 

I am refinancing my mortgage free single family rental property. 

I am able to take out 70% LTV which is around $262,000 on a value of $350,000.

It’s currently rented at $2250/month. 

If I max out the refi my new payment would be around $1878 a month, if I am able to get a 3.5% rate. 

That would leave me with $372 a month cash flow. Not including any deductions for vacancy, cap ex, maint, or management.  (I currently self manage). 

I would take that cash and pay off the HELOC used to purchase the house ($215,000) and use the other ($47,000) to add to my original $249,000 HELOC and have a total of $296,000 to go find another property.

Or is that cutting it to close...?

Thank you kindly!