Is Cash out refinancing on this property worth it?

[Christine G.]

Hi all,

I am not sure if this is the right place to post this question. Apologies in advance.

So I have a property in Massachusetts that I purchased 3 years ago with the following:

-bought at 160,000

-15 yr fixed loan

-3.5% interest rate

- 1 bd 1 bath condo with 830 sq ft

- I gutted the entire place and renovated everything. New flooring, new kitchen with quartz countertops, new bathroom with new plumbing, added in unit washer and dryer, added better than standard rehab kitchen appliances, converted the place to 200amps from original 100 amps, new plumbing and pipes, etc.

The house has appreciated to about 220,000 in value comparing it to other similar properties that recently sold in the complex. I have about 120k left to pay on the property and 12 yrs left until it is fully paid off. 

My question is...is it worth doing a cash out refinance so that I can use that money to buy investment properties? 

Thank you :)