Should I cash out refi Texas rental?

[Curtis H.]

Hello BP Nation,

I have a rental in Austin area with about $130K equity in it that I can't get a Heloc on because Texas laws on non owner occupied properties. I get a decent $400 per month cash flow on it, but it's nearly 20 years old and the gremlins are coming out. Just did a new roof for $7K, repainting now, and about to install all vinyl plank flooring for about $7K for a 2700 sq ft house. The house is worth more than it's ever been with all the upgrades, and interest rates are super low right now. I think we all know the market is going to dip in a matter of time. It's already started.I'm dying to get my hands on that equity and use it to buy more property when the market dips and property is a bargain. A HELOC is perfect, but that's not an option. I would 1031 it into something else but my wife wants to keep the house. We used to live there.

My interest rate is 4.5% on it and as a rental that's about what it would be today. So no gain there. Just getting my hands on the money is the prize. It kills me I'm sinking all this money into it, and not reaping any benefits from renting it for the last 15 years.

Curious what others would do in this situation?

Thanks,
Curtis