Should I Do a Cashout Refi at this rate?

[Billy Zhao]

I own a condo in Austin free and clear. The property value is about $425k. The rental income is about $1,800 a month. Tax is about $8,000 a year and the HOA fee + insurance comes out to be about $300 a month.

I'd like to do a cashout refi so I can put the equity to good use for another investment. 

I contacted my go-to mortgage broker. And the rate I got from him is 4.5% with 1.5 points (about $3,800) if I borrow $250k. The monthly payment would come out to be $2,300.

My questions are:

1- How much should I borrow against this property? Should I borrow more?
2- Is this a good refi rate (investment property) and points cost? 
3- I plan to do a quick remodel and increase the rent to $2,000-$2,200 in 2023. This will bring the cash flow to almost break even. It will still be a loss though but the property will appreciate nicely because of its location. Thoughts on this?

Thank you in advance!