To cash out refinance or not

[Jacob Higginbottom]

I have a rented investment single fam condo that has about 60% equity and cash flows about $220/mo. It's in an ARM at year 15 at 5.125% and rising. I'm considering a cash out refi to bring it to about 40% equity or 60% LTV and extend the mortgage to another 30 years at 4.75% fixed and take the cash to use for my first BRRR. Anyone have thoughts on this? Much appreciated.

Beginning BRRR is boston