Help me analyze our rental. Refi or not?

[Roger Pearce]

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*This link comes directly from our calculators, based on information input by the member who posted.

We bought this rental in great shape using cash a year and a half ago. This was before we were familiar with BRRRR. (You live and learn). We now want to start BRRRRing.  With no mortgage we make 6.5% COC ROI. Using the calculator it seems that our COC ROI goes up the less we borrow. If we mortgage 70%  (pull out 70% of the value) we should make a 5.1% COC ROI.  If we pull out only 40% our COC ROI goes to 6.1% I know these aren't great numbers to start with. Should we cash-out refinance it or not?  Perhaps pull out only the 40%? We have cash we could use instead to BRRRR our next property, so pulling out equity from our current rental at this point isn't necessary.

Thanks in advance for your help.

Roger