Refinance or Sell to put cash to work harder?

[David C.]

Hi BP brains,

I'm 99% sure I want to release the equity in my condo i rent out to free-up cash to buy some turnkey SFHs or a MF. It used to be our home so fell into landlording. 

It's close by, we manage ourselves and tenants are great. Very hip neighborhood. But I realize its not the best i can can do with cashflow, Cap rate and COC return though, I just don't know how far off it is - need help running numbers on it after refinance.

3 bed/2 bath /1 car condo in 8-unit building in Wicker Park, Chicago (60622). 

Purchased in 2014 - 495k

Potential appraised value (looking at comps) - 540k 

Loan - 285k balance - Conventional fixed 15yr @2.75% - 9/28/2016 (refinanced) - 11/12/2031

Rental income: $3600/month (Leased from Aug 1 2018, ends July 31 2020)

Monthly payments:

P&I: 2361

Escrow (tax and insurance): 711

HOA: 300

Total: $3372/month

Occupancy - 6%

No property management (self-manage)

Appreciation - conservatively 1% (because it's Chicago and neighborhood has gentrified already)

Rental appreciation - conservatively 1.5%

Maintenance and cap ex reserve - 5% (its in good condition - new appliances, furnace/HVAC, well maintained building)

(spent 15k on upgrades over last 2 years)

Key questions:

what will be be my cashflow after refinancing?

what's that cap rate and coc return after refinance?

refinance to pull 75% of equity or just cut loose and sell to get it all working harder?

Anyone got a tool for doing post-refi calculations? I'm a little unconfident with building/adapting spreadsheets to be honest.

thanks BP community!