Cash out refi on rental

[Jake Adams]

I purchased a home in 2011 as primary residence 15yr 3.5%. I have since converted it to a rental. I was thinking about a cash out refinance in order to purchase more properties. The loan balance is $80k, current appraisal around $240k, $200 month cash flow, currently gaining about $800 month equity.

Would it make since refi and increase debt on this property even though it is gaining so much equity based off of loan amount?