Cash-out Refinance with 5 percent down

[Brian Zintel]

I purchased my first home a little over a year ago (2-unit Property). I placed a 5% down payment on a conventional 30-Year Mortgage.  

I've completed a kitchen renovation in one of the units that has seen an increase in the rental price of the unit. The market in Buffalo, NY is still hot and sale prices are continuing to rise. Aside from saving cash for a second 2-unit property purchase, I'd like to do a cash-out refi, to fund a portion of the next purchase.  Is it possible to cash-out refi with as little as 5% down.

Pending any kind of bank assessment, I would be expecting somewhere in the neighborhood of $225K on a mortgage with a balance of $192K