Cash-Out or No-Cash Out Refinance?

[Manco Snead]

Greetings,

I'd love to hear anyone's opinion on my refinance dilemma; cash-out or no cash-out.

I'm in the process of refinancing my duplex (Appraised at $290,000) which has about $100k (mostly from large down payment) in equity. Currently, AFTER mortgage,interest,insurance,taxes as well as prop.management fees, vacancy factor saving(150/month), maintenance/cap ex. saving($100/month), and utilities are all subtracted from rents, the property cash flows $250/month.

If I refi and take out $50,000 for an additional property, the refinance for the duplex using all above expense numbers plus the now higher mortgage will result in only $20/month cash flow.

So, is it worth it and a good idea to take out this money? What about eliminating a perceived expense such as maintenance or vacancy, or taking out a smaller amount?

Thanks