Should We Sell or Hold Off?

[Jessica Griffith]

First post here! We own two properties:

-Our primary residence: $345K left on mortgage (about 28 years remaining since we refi'd 2019). Current rate is 3.875%
-Rental home: $225K left on mortgage (26 years remaining since we refi'd four years ago to cash out for down payment for primary home). Current rate is 5.25% (yes, high!). We charge rent at $2,150 per month and mortgage payment is $1560. Other fees come to about $150 so we are around $440 net each month.

Questions: We've gone back and forth between wanting to keep the rental and sell it. We have steady tenants, no real issues but at some point we will need to replace AC unit and make repairs as the years go on. The market is so high right now and we could potentially gross around $300K if we sell. Realtor fees would come out of that and I am worried about capital gains (we moved out of that home in May 2017). 

Even with those fees coming out, it is still a decent amount of money. There is nothing available right now that would make sense for a 1031 exchange so I am not sure yet what we would do with that money other than hold on to it while we look for other investments (not real estate).

Another option: Refi our primary residence (either a 30-year with a lower rate/lower monthly payment OR a 20-year that is not much more than what we pay now bc the rates are much lower) and do a cash-out refi on the rental. We could use that money to make extra payments on our primary residence to pay it off way sooner. 

I'm not going to lie, I stink at this stuff. I am good at research, poor on decision making. I TRULY appreciate any feedback. Thank you!