BRRRR appraisal came in low...take some of $$$ out now or wait??

[Jessica Markley]

My first attempt to BRRRR a property, go figure Covid comes along right as the 6 month time came around to do the cash out refinance. Bought this SFR rental for $230,000, put in $30,000 in rehab, put 20% down, paid my own cash for rehab and down payment and collecting rents of $2300/month. I clear over $700/month cash flow on it now. Realtors have said if I would list now in this hot market I could get $320ish (my research on comps shows this as well) but it appraised for much lower, only $275,000. Should I appeal and try to get just some of my cash out now for another property? or hold it for better times because appraisals are coming in low? I will only get 1/3rd of my original cash out, or wait until Covid is over and get another appraisal? Thoughts? Any insight is great. I want the money out of it to do another project because its my own cash, not hard money, is this a timing issue or is smart to take out of it what I can get back out of it now?