What do I do with this property??

[Anthony Cosgrove]

Hello all!
I need some advice about moving forward as an investor and what to do with my 1st property.

A little background: We bought this 3 br 1 bath house in a great neighborhood before the crash for 95k. A year ago we bought an awesome foreclosure and decided to enter the world of REI. We moved into the new house and have rented our 1st home for a year now....and I LOVE IT! I really want to get into Multi-Family properties. So my question begins with what to do with this house.

I owe 64k on it. It rents for $900 and the PTI is $600. I have saved up a very nice safety net for repairs which is at about 7.5k

My RE agent buddy did a comp for me last week as I was thinking about refinancing and getting some equity out for a new investment and it came in at around 90-100k.

However with a cash out refi I can only go up to 75% of ARV..so after all is said and done the payment would drop to around 510 on a new 30 yr and all the cost of business would eat up most of my cash out leaving me with a little under 5k......ugggh I feel like that 30k of equity is just trapped and don't know what to do.

I still need one more year of landlord experience to move on to bigger abd better things, so selling this year seems out of the question.

Do I just leave well enough alone for the moment? It is currently on a 30yr at 5.75%. The cost of the refi would take at least 20 months to get back.

Should I keep it long term and refi to a 15yr to try and get it payed off asap??

Again my goal is to move into small multi family and apartment sooner than later.

Thanks in advance!!! -Tony