BRRRR- how much do I take out?

[Richard Pastor]

Ok I just wrapped up my first BRRRR. Here is a little of my backstory. My wife and I inherited her fathers house and started renting it out to her brother in 2020. We owed nothing on it. Fast forward to June 2024 and her brother says he is moving out. My wife and I know that the house needs a complete remodel and it would be the perfect time to do it. At the same time I came across a off market 4 plex my neighbor was selling. This also needed a complete remodel. We complete the remodel of the house in two months and get a renter in place at $2790 a month. We paid for the 50k remodel out of pocket. After rehab and renter in place we refi for 325k. The house appraised at 500k. The 4 plex was purchased with hard money and I was going to fund the rehab with my 136k heloc on my primary. After the refi on the house we paid the heloc off and paid down the hard money loan. fast forward to today and I am trying to refi the 4 plex. Each unit will rent out for $1150 ($4,600 fully occupied). We currently have two tenants in place and one moving in April 1st. We owe about 180k on the hard money loan and 9k left on my heloc. I would value the 4 plex at 650k. My question is how much do I pull out. If I refi at 220k that would pay everything off and put about 30k in my pocket. I would cash flow about $2,700 a month from all my properties. I could also refi at 330k put 130k in my pocket and cash flow 2k a month.. with a 100k extra I can do more deals but dont want to just scale. I love cash flow. Or I could refi at 70% and put 260k in my pocket but this would wipe out my cash flow. Actually would give me 1k but that is not factoring in cap ex and vacancy. Any advice would be greatly appreciated.