To Cash Out Re-Fi or not ? Numbers in thread.

[Account Closed]

Good evening all,

Can I get opinions on the following situation: 

2020:

House Purchased: $225,000

Down Payment: $45,000

Loan Amount: $180,000

Rate: 2.99%

PITI: $1,436.63

2021: 

House estimated appraisal (estimated from comps): $320,000

Loan Amount: $176,870

New Rate would be: 3.31% 

PITI: $1,628.86

So total increase of $192/mth. 

I asked for $50,000 cash out. 

I understand the rate is increased and that is rule of thumb a no go for re-fi. I would be investing this money into another down payment on another (hopefully) deal. 

At the new PITI, the house is still cash flowing $300.

What would you guys do? Also, I have only got one quote thus far, so maybe I could get rate down a little bit?