This is most certainly possible depending on the type of your loan. Your approximate LTV (loan to value) comes out to 71%, which is accepted by many cash-out programs. If you'd like, I can put together a GFE for you via e-mail, which will outline all the details of your potential transaction. Feel free to shoot me a quick note with any info you'd like to provide at csalem@fnbmtg.com, and I can respond with the aforementioned document.
Source: http://www.zillow.com/advice-thread/Cash-out-refinance-on-an-investment-property/470544/
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