Should I cash out refi on my duplex to buy next property?

[Jonathan Perez]

Currently in the middle of a refi on my duplex in South Carolina. I'm kicking myself because in October I had the chance to refi and could've got an interest rate at 3.75%. I didn't because the monthly payment "wasn't going to change much" and so I decided to stay put. Now, after realizing that I can use a conventional 5% down to buy my next property here in Jacksonville FL ONLY after I refinance this duplex (because it's on an FHA loan as primary residence and it would need to be moved to conventional in order for me to be able to use the 5% conventional as primary residence) I feel like MUST do it because the current reserves I have now + using a conventional 20% down would allow me to only purchase up to 150k and I'm just not liking what I'm seeing at that price range.

However with the refi, I can take out the cash and roll into my next property as well as use the 5% down conventional to house hack it. Only thing is the interest rate will definitely go up from 4.25% to a 5.15%, it’ll reset the term back to a 30year, and the monthly payment of course will go up about 30-50 dollars, also forgot to mention, taxes, which is unknown until all is said and done. 

What do you all think about this?