Refinancing 8 months after buying

[Eric Gutierrez]

Hi everyone looking for some rough guidance on refinancing to pull some cash back out of a property.

Anyways, I currently have a property that will eventually be a rental. At the moment I'm living in it with my girlfriend as it gets some improvements. My mortgage terms are 30 year, 4.125% interest rate, 20% down. I bought the property for 141K in early October. It was initially a 2 br 1 bath. Since purchasing, I have finished the basement into 3 legal bedrooms and a full bathroom (just about done with this) as well as remodeled the kitchen. The kitchen used to have a refrigerator and an apartment sized gas stove. I rearranged the layout so that it now has a built in microwave, dishwasher, full size stove, new counters, tiled backsplash etc.

A few things lead me to believe that I would be able to pull out a decent chunk of cash by refinancing:
1) Adding the 3 bedrooms and bathroom
2) The house is located next to a major university. Generally you can judge what a property will sell for strictly based on the number of bedrooms as most everything that is sold is turned into a college rental. The market seems to have picked up and the supply for houses in the area is extremely low and prices on properties selling in the last couple months seem to be much higher than they were last summer. There have been a few other 5 br 2 bath properties that I would have guessed would have previously sold for 180-200k that have gone for 220-230K. As I mentioned before, I bought my property as a 2/1 and it is now a 5/2 with comparable finished sq ft.

I remember reading that refinancing can be tougher within the first year of buying a property. What are the roadblocks that I might run into since I bought the property less than 12 months ago? Would it be safe to assume that I would be able to refinance at 75% LTV or 70%?

I also have a duplex as well as another SFR. The duplex was FHA financed and the SFR has about 30% or so equity.

Thanks