Refi on a rental, want to make sure I dont make a mistake

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I searched the forums and a majority are about seasoning and if you can/cant refi a rental. So this is the situation I have in front of me. 

I have a rental property in NC, I owe 35K on it and it appraises at 82K. I have had it for a year now. I found a mortgage company that will give me a 30 year fixed mortgage at 75% of the assessed value giving me $23,500 cash out (this does include having the closing costs taken out as well.) The property rents for $800 a month, the previous payment was $300 a month and now the new payment will be $445 a month. Minus HOA fee of $80 and management fee of $85 this will leave me netting $190 where before I was netting $335 a month. The intent is to 1)take the cash out and use it to rehab a property that I will purchase with the cash reserves I have already (80k) or 2) use the cash out to put down on 1 or 2 rentals. I am still learning how to invest properly and being smart about it too. Is this a good thing to refi the rental? I just dont want to make a mistake and hope that the vets out there can give me a little guidance.

Thanks everybody!