Should I sell or Cash Out Refi?

[Kenny Luna]

I have an investment property which I can cash out refi at 3.625% and take out 53k. My mortgage payment will go up $40, my monthly profit will be $370. (Rent minus mortgage / HOA / Maintenance )

OR

Property appraised at 256k, I owe 129k.  Estimated profit if I sell: 90-100k

My goal:  Buy an investment property and a primary property with a finished basement to house hack.