Deciding - Hold or Flip

[Marisa Voelkel]

Looking for some advice. I have a property that we originally bought to flip in Southern WI (close to IL border). The ARV is roughly 180K+. Investment is budgeted for roughly 120K. 1) If we flipped, likely will get 50K in our pockets after closing costs. 2) If we hold, according to the BRRRR calculator, the CoC ROI is 16.8%/Inf%. After the refi of 125K, there would still be about 20K in equity to tap, plus about a $650/mo +CF. 3) Another option is to hold, refi at max equity, which drops +CF to about $250/mo, but puts more liquid cash in the bank.

Note: I am the GC and the Realtor so fees are already reduced.  House will be ready in March for any of the options.  We have flipped several houses already and own one rental at this time. 

Which would you do and why?  Is there an advantage to maxing out the refi and pulling as opposed to leaving the equity in and tapping it over and over?  With the numbers, all options are good options, just looking for feedback on why you might choose one over the other.  Thanks!