CoC return with LTV 20%

[George Mully]

I'm in a particular spot where I have my primary home with a LTV of ~20%. If I'm looking for a high CoC return, it doesn't make sense to me to rent out my current home if I have so much cash already invested. On the other hand it doesn't make sense to refi or take cash out because I will basically be paying the bank to get my own money out and I will be charged for it. My current loan is lower then current rates and home value has appreciated 20%.

The idea being I would rent out the home and use the cash out equity to buy a new primary home. I'm new to this and know know use cap rate a lot but I think CoC return is a better metric. If I rented out right now CoC would be 6.3%

Given the current environment there are homes in my neighborhood that haven't been rented out in months. I'm think in about a year or less things will start to look up. And during that time there will be more foreclosures and perhaps better deals.