Refinance To Regain Downpayment Cash (with numbers)

[Ben Sears]

I've posted about this before somewhere but can't find it at the moment. I have a SFR rental property that I purchased prior to becoming a BRRRR aficionado. I'm at the point now where I need to refinance the property to move it from my personal name to my LLC and attempt a better interest rate. So according to my numbers below, is it a good deal or not? I'm leaning towards yes as I recoup some downpayment and cover some needed repairs. Using the numbers below, I would regain approximately half of my downpayment in addition to financing needed repairs (windows and vinyl siding) for the property. I have a long term tenant and will be increasing rent next lease renewal. Thanks for your input.

Current Appraisal		$55,000
Current Cash Invested	$11,776.82
Current Debt		$38,873.62
Current Mortgage Payment	$ 312.05	(including taxes/Insurance)
Current Rate		6.375%
Current Rent		$ 575.00
Current Cashflow		$ 262.95
Taxes			$ 36.58
Insurance		$ 25.00
Estimated Repairs		$ 14,000.00
Total Investment		$ 64,649.00
Estimated New Appraisal	$ 75,000.00
New Finanance Amount 80% LTV	$ 60,000.00
Est. New Mortgage		$ 360.00		60K @ 6% for 30 years
Taxes			$ 40.00
Insurance		$ 25.00
Est. New Payment		$ 425.00
New Cashlfow		$ 150.00