Cash out refinance to buy another property

[Brian Salame]

I would like some advice on my current plan. Background info:

Credit score is around 740

Job gross income: $45K

4plex property info

Current gross rental income is $2450

Net is about $900

Current mortgage is $1163 @4% but paying PMI(FHA)

Current loan amount: $167K

Property value: 300K - 350K

Purchase date: may 2015

Ok so my plan right now is to do a cash out refinance to buy another investment property(fourplex). I was taking to a lender today and he said that he could get me a 4.5% interest rate with $80K cashed out. New mortgage would be around $1500. I was then looking at buying a another fourplex for $400K and living in one of the units. I calculated the payment on Zillow and the mortgage for that would $1970 plus $400 for HOA so $2370. I was looking for the lowest market rents for 2 bedroom units and I saw it was $825. The fourplex I'm looking at has (1) 3 bedroom and (3) 2 bedroom units. Lowest market rent I could find for the 3 bedroom was $950. My concern is would I be paying to much for this property. Do you think this plan is risky?