SHOULD I REFINANCE IN 2022?

[Eunice Villarroel]

I purchased a house at the beginning of pandemic in 2020 at a 3.25%  interest rate 30 year. I generate $1500 rental profit. 

I am able to pull out 95k if I refinance at a 5.1% interest rate  30 year amortization which would bring my rental profit to $700/month. I would use the 95k to reinvest into another property just dont have one in mind yet.

is it worth forfeiting a 3.25% interest rate for only 95k that I could get in 4 years of rental profits?