Refinance scenario for first Brrr

[Shawn S.]

I’m new here and I only have one property which is my main home, I’ve lived in it for three years. It’s a one bedroom one bath condo that I bought for $232k, 5% down and probably put $20k into it. It appraised now at $330k. Loan balance is $205k. Should I cash out refi and take 3.375% (paying a point) or take a 3.125% no cash out no points. Seems like a no brainer- take the cash out, find an investment property and find a tenant. Sounds easy but I know it’s not- am I missing something?