Cash out Refi on rental property using COC ROI method

[Alexander Churchill]

Bought a rental in December 2018, got it for a bargain. Put a roof on it and now Zillow has it estimating at 50k more than what I bought it for, put 25% down plus another 10k for the roof which puts me around 35k total in when looking at it through the COC ROI method. Never done a BRRRRR before personally but I'm guessing this is kind of how it works? My question is that if I Cash out-Refi, that technically would mean that the property already paid itself off in terms of COC right?