Help with the Refinance part of BRRRR is it worth it?

[Eric Malone]

Looking for some advice. Im in the Refinance part of BRRRR and heres the situation.

Currently have 200,000 mortgage @ 3.5% for 30 years. Monthly payment $1300. Rent i receive is 2200. 

Im Cash out Refinancing 75% and have been offered a new mortgage of 275,000 @ 5.2% for 30 years and would be walking away with 47,000 Cash for my next investment. New Monthly payment would be $1825. And Rent i would receive would be 2200. 

Is it worth refinancing? at a higher rate. Ive shopped around they are all around the same higher interest rate. Looking for some advice.