Cash out refi set to close the 2nd week of June

[Scott W.]

Appraisal came in today, $115K; payoff $75k; out-of-pocket $11k. Refi costs $2k.

30-yr fixed 3.90 APR. Cash back $9k.

Out of pocket $2k.

PITA $700 + 20% of rent expenses/vacancy; current rent $1300

$340x12 months = $4080/$2k investment; COC return 200%?

This is a small local bank who will sell it off to Freddie. It's been 6 months since the purchase date yet they swear it will go thru (thought it was 12 months of seasoning; guess we'll find out soon)