Should I Refinance or sell? Here is my situation..

[Imran Raz]

I am in a predicament of what to do about my rental property. I would love to hear your thoughts.

Here is the current situation:
Current Loan Balance: $204k
Maturity Date: 2036
Loan Interest: 5.125% - Changes each year based on Libor rate
Current Payment:$2193 - including escrow
Current Rent : $2300
Current Cash flow: ~107

Needless to say, cash flow is my biggest issue.

Here are my options I can think of:

Refinance for 30 years mortgage
Rate:4.78%
APR:4.819
Payment: ~1700 including escrow
Closing Cost to be approx: $8000

or

Finance for 20 years
Rate:4.875
APR: 4.9
Payment: ~1900
Closing Cost to be approx: $8000

or sell

Market price: $300k

Take the balance and invest in multifamily

My last tenant moved out 2 months ago and now the house is in the market for rent. I painted the house and fixed many other minor issues to make the house looks great. The roof was newly installed 1 year ago and the kitchen was renovated a year ago as well.

Let me know your thoughts? Am I missing any other viable option?