If you are BRRRRing the property and believe you can get back the down payment in a cash out refi then maybe it is the best route.The cash out refi, especially with rates still historically low, would be better off if you are using the money as a down payment on a new property that you don't plan on paying back anytime soon.

It seems there are definite opportunities to fulfill the 1% rule and while historically Memphis has not offered much in appreciation, it seems to have been changing recently as home prices are now rapidly increasing.

My 2nd major kitchen renovation in my multi-family home in the historic Tremont area in Cleveland, OH.

The job opportunities alone bring in new residents looking for career growth.CHARLESTONRich in historical passion, Charleston is more than old money.

With rates being near historical lows, now may be a good time to refi your primary, but you also need to consider how much you stand to gain from doing a cash-out refi (limited to 75% LTV) vs a rate/term refi (80-85% LTV). 

I've used rentometer before for a quick historical ballpark range of rents.

Historically 7%. 4% is well known as the safe withdrawal amount to weather the ups and downs.

I had no idea how bad the recession would be, but I did have historical market cycle data for our area.  

Given I'm serving an exceptionally high-demand portion of the population, my historical vacancy is ~2% (typically there are 4-5 bedrooms per house, and usually 1 goes vacant for <1 month per year--so my vacancy rate is between 1/60 and 1/48 or 1.7-2.1%), but even assuming 6% (which is even higher than the Portland metro), that's another $300 / month.Total Opex: $850NOI and CashflowNOI: $4,980 - $850 = $4,130Cashflow: $4,130 - $3,023 = $1,107RatiosCap rate (return on assets): 9.3%Cash on cash (return on equity): 22.0%Learnings and TakeawaysI'd give myself a B- on execution on this deal.

Or as others pointed out historical stock returns.