High Appraisal on BRRRRR - To flip or not to flip?

[Alex Moore]

My real estate partner and I just completed our first BRRRRR. Bought the property for 83k, put in 37k, found a renter for $1350/month, and appraised for 180k. Sounds like a huge win (which it is) but the high appraisal made me aware of an interesting scenario. After the cash-out refi, our mortgage is higher than it would have been with a lower appraisal, therefore reducing monthly cash-flow. We still have a positive cash-flow, but if the appraisal was 20% higher or so, that wouldn't be the case.

How would you handle this scenario? Be happy with the cash and repeat, keep additional equity in to maintain positive cash-flow, or entertain a flip?

Thanks!