Looking for advice on a Cash Refi Deal

[Dolev Shemesh]

Hello everyone. 

I would like some advice in regards to my first cash refi deal i'm about to close.I have few long terms properties that I rent out. Some of these properties are free of debt (purchased in cash few years back).

My plan is to cash refi one of these at the following details: 30 yr fix conventional @ 6.375%. House worth $170k and i'm pulling $100k of the equity to buy another long term investment property/airbnb.
I'm currently renting this property for $1,350 so my profit will go from 100% to 40% (after insurance, taxes, etc.). Giving the current market, it's possible but seems unlikely to have more profit (% and $) than what i'm currently making (100% and $1,350/month); However, my thinking is basically to do BRRRR where I reinvest this $100k in another property (DP and fix up) which will in turn increase the Equity and rent it out.

Considering my long term strategy here, as i'm not planning on selling the new potential property, should I go for it with these conditions? I'm thinking getting to the same profit/month (at least $1,350) from both properties combined or even less is sufficient for now as i'm forecasting both reduces in interest rates in a year or two (refinance from 6.375%), and property equity goes up in general in the Tampa Bay market. 

Any thoughts and advices would be greatly appreciated.