Interest rates and paying points or not?

[Lisa Martin]

I'm having a difficult time deciding if paying points is worth it. I currently have 3 deals in progress all will be cash flowing long term holds. 

Average mortgage around $150,000.

Interest rate      Points        P& I payment 

7.125%               2.25              $1011

7.375%               1.25              $1036

7.5%                    .75               $1049

I calculated paying 2.25 and 1.25  points would take just under 5 years to break even.  

I keep thinking I can refi if rates go down so don't pay points now but on the other hand maybe I lock in 7.125% and let it ride because they cash flow, mortgage balance is relatively small, and the numbers work today so let it sit there and get better over time as rents rise. 

What are other investors doing in this interest rate climate for long term holds?