The second part of your question would be the math to determine if the property's rents add up to that standard.

Maybe my math is off but $500 more for a floor that will last another 50+ years to seems like a fair price and a good investment.

You have to do your homework.

Is my math and vision here correct, in assuming cash-out refi might be the way to go?

It is a good price point for rentals and I have been doing my home work there and I have my eye on a few neighborhoods that should yield good returns. 

As first times go, mistakes were made and lessons were learned, and I've taken a couple of years to think about what I can do better next time and if this whole real estate investing is really what I wanted to do.Since then I've done a lot more reading and homework and I'm ready to jump back in with both feet. 

I WOULD BE HAPPY TO HELP WITH MY ECONOMICS, FINANCE, PROGRAMMING AND MATH KNOWLEDGE WHILE LEARNING THE REAL ESTATE INVESTING INSIGHTS.I want to concentrate in Buy&Hold (multifamily houses) strategy at first, and then probably get into flipping in order to gain capital for future deals. 

It's below the asking but according to my math that is what I think a good investor would pay.Thank you

Always do the math analysis on prospect properties and try to look at the subject property before you make  an offer or at least have a clause in the sales contract that gives you some time (usually about 15 days) to make an inspection and possibly back out of the deal without a penalty that hurts you.I also went to college, not that it is mandatory, and I got a business degree that emphasized real estate.  

If not, what do I need to do to make the math work?