Cash out refinance on primary residence?

[Nate Johnson]

Hello BP! 

I recently completed a remodel on my primary residence and I'm trying to decide whether a cash out refinance is a good play to access my current home's equity as a basis for a future investment. I recently finished the basement of my current residence adding roughly 1300sf (2BRs & 1BA and added living space). I cash flowed some of the cost, and used my HELOC for some. After the remodel was completed I paid for an appraisal.

Here are the specifics.  

1st Mortgage Balance: $210k @ 4.05%
HELOC is $35K @ 6.5% - Currently I have a balance of $26.5k that was used for some of the remodel costs.
Appraisal had two approaches (I’m not sure which is more relevant so I’ll list both): Sales Approach $301k / Cost Approach $322k

Using the conservative estimate it looks like I have $90k in equity in my home. I'd like to pay off my HELOC and use the remainder as a base to build on for potential future deals.

Thanks!