Cash out Refi - No Rehab

[David Levin]

Hey all. I could use a little feedback here. The situation:

I purchase a 6-unit MF property under market value and increase rents, currently $100-$150 under market. There is no deferred maintenance. Units could maybe use an upgrade if I wanted to go more modern but really unnecessary. They are clean and in very good condition. So, basically, no rehab. If I go hard money to purchase, could I do a cash out refi without having rehab involved? 25% down.

Purchase $350K 

AS Is Value $430K

After rent increase Value - $550K 

Thanks!