25 year loan or 30 year loan on a refi?

[Adam Williams]

We have just one rental unit (used to be our primary home), and I'm in a situation where I need to refinance. It's a 5/1 ARM and due to the increasing interest rates and two HOA hikes in just the last year, I'm now losing $190/mo. I have just shy of 23 years left on the loan.

I'm looking at four options and would really appreciate some advice.

#1) Refi with a 25yr loan and still be losing about $27/mo (which I can afford to do)

#2) Refi with a 30yr loan and get about $55/mo

#3) Do a cash out 30yr refi since the property has appreciated nicely and I have some pretty good equity in it. But, I'd take the cash to go buy a second rental property. BUT, I'd then be losing around $160/mo on the place.

#4) Just sell the place

What are your thoughts? Is there something else I should be considering? Again, I really appreciate the advice.

[Ned Carey]

@Adam Williams based on how you post is written I am guessing the numbers (losing $190  Month, get about $55 a  month) means that is what is left after subtracting the mortgage payment form the rent.  

If my guess is right you are losing a lot more that that much a month. Every repair, vacancy, citation etc is gong to make you go even deeper into the negative column. 

Unless this property is appreciating  significantly I would sell it and put the money into a better investment.