Running numbers after a refi

[Jeremiah H.]

After purchasing a property, renting it, and being fine with the returns you gain appreciation and decide to leverage this property into another. Obviously you're going to increase your mortgage amount on the original house. I never see people talking about the new returns on the original property after the refi. If you're cash flowing $100/door you're almost assured to be in the red after the refi. Anyone have thoughts here? Is this talked about and I'm missing it? Do people factor this in when evaluating the deal their using the equity to buy?