Refinance for more cash flow?

[Austin Gleave]

New to real estate and am wanting advice on a current property that I have rented. It was my primary residence before I rented it out. It currently rents for $1750/month with great tenants who just signed for 2 more years mortgage on property is $1692 so not much cash flow. I have around 40k in equity in property and am wondering if it would be smart to refinance property? I have looked around and can get a 4.25 30 yr fixed payment will then roughly be 1200/month closing costs will be around $6,200.