FHA multi-family cash out refinance?

[Kyle Coronado]

Hello, 

I currently own about 75k on an FHA loan for an owner-occupied duplex. I lived here roughly one year and have done substantial work to the property including a kitchen & bathroom remodel and all new windows throughout. Comps in my area are going for roughly 120-160k.

Would it be wise to cash-out refinance to a conventional loan to wipe out MPI & MIP? I would then consider looking for another property.

If I can get an appraisal of around 120k (I think I could potentially get more?) 120k x .8 = 96000. 

Does this seem like it would be a wise investment or should I just continue with my original loan. I have tenants lined up and I can cash-flow about $100 after expenses if It stayed owner-occupied. Or I am looking at about $800 after expenses. 

Feel free to ask any questions I will try my best to answer.