What to do with an appreciated property?

[Manav Mandhani]

Hey all - I bought a property in Austin, TX in 2019. Since purchase, I've gained ~$200K in appreciation and it currently cash flows for ~$450. I want to expand my portfolio and buy 2-3 properties over the next couple years in smaller areas (exploring midwest, FL, AZ, etc.). I have about $50K in savings ready to go but given the equity sitting in this property, I'm evaluating a few additional options:

1.  Take $50K out of the property. Cash flow $270/month
2.  Take $100K out of the property. Cash flow $50/month
3. Take $175K (80% LTV) out of the property. Cash flow -$300/month. This is a strong no for me but open to hearing otherwise.
4.  Sell the house.  Not keen on this either because I feel pretty bullish about Austin's appreciation prospects.
5.  Don't take any money out. Refinance to a lower rate and increase the cash flow to $550/month.

Would love some thoughts from the community.