Question: Rehab or Rent and move on?

[Eric Ruiz]

Hello BP!

Quick Disclosure: 
I understand my question may draw an opinionated response and there truly is no "right" or "wrong" answer. My goal is to start a dialogue with experienced investors in hopes of helping me come to a conclusion that aligns with my goals. I'm actively reading BRRRR by David Green, Estimating Rehab Costs / The book on Flipping houses by J. Scott. and spend a lot of time listening to the BP podcasts. So I'm doing everything I can to educate myself as I'm ready to buy a rehab deal.

Some context: 
I purchased my primary in San Antonio (China Grove area) 3 years ago with intent for it to become a rental. I'm now closing on my second primary next week and will be leaving the first as a rental. I've started the process to refi my current primary with the intent to cash out some equity to move into another deal. Unfortunately, the house didn't appraise close to what I expected (I blame this on my lack of comps understanding which I've now educated myself on). For clarity here are some improvements I've made to the house to date.

1. Remodel kitchen
2. Fix drywall / Remove old wallpaper / Fresh paint
3. Replace all gold door hardware / fixtures / fans to stainless steel to match paint themes.

Now my question:
I'd say my property is "turn-key" as it can definitely be rented in the state it's in, even without a cash-out I'm removing most PMI and getting a great rate. With the new payment I calculate my gross cash on cash to be 29%. Should I complete this refi and rent leaving the house as-is or should I consider updating floors and bathrooms and attempt to refi again with possible cash out? Based on my readings from BRRRR this wouldn't be smart as I'd be trying to force value that potentially isn't there...especially since I have the funds to move on to another deal. Any experience or advice would be greatly appreciated!

If you made it this far thank you so much!!

- Eric