Midwesterner1982, thank you for the reply. Bigger pockets has been a great source for my wife and me also. As for the amount we are able to refi, a couple banks local to us have told us they would do it at 90% ltv. So if that ends up being the case, it leaves us with up to 120k to pull out.
It's not so much that we are trying to avert money lying around; I am concerned that by pulling money out (assume approximately $500/mo for my 100k cash out) and the market does not turn or I am unable to find a great deal, then that can certainly add up over time. $500/mo is $6000/yr etc etc.
I did purchase this property as a primary residence originally. I purchased it as a VA loan with 0% down and paid ~$4000 in closing costs, home inspection, and a couple very minor repairs. It is currently rented to college students who pay by the room. The property is still cheap for this area so close to a college campus and students in the dorms are paying wayyyyy more for a shared room, public bathrooms, and no kitchen. We are about a mile from campus. I am NOT looking to purchase another home as a primary as that stage of my life is over and my wife and I have children.
Anyway, I'm off my tangent (as much as I appreciate other people telling me about my financial positions). I will agree the deal was sheer dumb luck. A combination of good timing and not much else. Which, of course, is why we've been so hesitant to mess with it. I read a lot, but am overall not a very sophisticated investor. This is still new and unfamiliar to us.