[Calc Review] Help me analyze this deal

[Keith W.]

The starting bid is $144K. We will convert from (3) 2bd room apts to (3) 3bd room apts. Is there a certain number I should target to cashout during refinance? For instance, I can run this report at a higher number and get a 12% Cash on Cash return. However, I may only get around $14K clear after cashout refinance. I would want at least enough to use as a downpayment for the next property. 

View report

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