Refinancing to maximize equity. Now or later?

[Thomas Martin]

I think I've already made one mistake, but I want to keep from making another.

I have a SFH that has been rented over last 12yrs. REfinanced in 2013 at 5.375% and have some equity that I want to access.

Just had a tenant move out and shouldn't have any trouble getting it rented out with about $300-350/month cash flow. I moved, but think forward with a refinance when everyone else did about 3weeks ago and the rate and terms were changed to include points. In order to get out 60K, they were asking me to pay 2.2pts. I could get out about 24K at 0pts. They are only moving up to 60% LTV.

I was planning to use the money to add an additional 400sq feet of kitchen and master bedroom add a shower to the master bath. It should increase the rent by about $200/month and increase the resale by about 80K. 

I paid for the appraisal, but can back out of the refi now and only lose the $550 appraisal.  I think I should just pay for the rehab out of pocket now (60K) and then refinace and get a bit more out at that point(60-100K) to invest into a new property. 

Thoughts?

thanks, Tom

I have paid the appraisal, but