What Would You Do? Situational Analysis Needed

[Kendrick Rutherford]

Hi All! First post here at BP. Needed some advice on my situation and what steps I should take going forward.

I have a duplex property I have been house hacking and renovating for the past year. I am in the process of moving into a new home and renting out both units. The duplex just appraised for $170k and I owe $93k on the 15 year note. I am currently paying $1,226 a month for the mortgage, and can rent out each unit for $950 each. I am trying to position the duplex to bring in as much income as possible to supplement income. Here's my question:

Would your refinance the loan to a 30 year and reduce payment (estimated at $450 a month), increasing the income to around $1,450/m or would you take out the equity and buy additional properties? I have many connections around this area and could easily pick up a couple properties in excellent areas that could net $500/m. 

I thought I would throw this situation out to the forum for ideas. I probably missed a bunch of information, but can supply it if needed. Many thanks for help in advance!