Is it smart to refinance right now?

[Hunter Woolsey]

I have a refinance question, My first rental that I bought is a 3/2 that I currently owe just under $30,000 on. I have owned it 5 years, and rent is $900/month. I am in the same boat as most people as the down payments are getting harder to come by as I grow. I was considering refinancing, the house is worth about $80-90k so I could potentially pull $38k out to use on future purchases. But this house does well for me with the low mortgage payment of $275. Is it smart to go back to a 15 year note and add $38k to the mortgage in turn cutting down on my margins? Thank yall for the advice!