Options to use equity on current rental

[Jacob Hilton]

History: We had bought a house about 5 years ago for my grandma to live in and she has since been moved to a nursing home. Rather than sell the house, we have now had a renter for about 6 months. Currently, we owe 80k on a 100k loan ant 3.25 interest and it was recently appraised by the county at 155k. 

I would like to either refinance and buy 1-2 more properties, or sell and buy a couple properties but am torn as to which would be the best move. 

I have never refinanced before and imagine I would need to back into how much equity I draw so that the current house still cash flows? (currently rent is 1350 with mortgage, insurance, and taxes at 900 - maintence, etc)

With selling, it just sounds easier to analyze the new deals from a clean slate. 

Thoughts?