Should I refinance this property at today's high rates or let my cash sit?

[Ryan Hicks]

In early 2022 I had intentions on using $250,000 of my cash to purchase 4-5 rental properties, and finance them all at the lower rates at that time. Unfortunately, I delayed my first purchase until Fall of 2022. Rates had jumped significantly at that point so I decided to buy one property all cash, rent it out and hold until rates became a little more reasonable. I was able to buy that property at a discount for $212,000 and do some minor updates - all in for about $220,000, renting it at $2,000/month. The property is now worth $285,000. After taxes, insurance, and HOA dues, I cash flow $1,100/month.

In the previous world of 3% rates (if I hadn't bought 4 -5 properties at once) I would have quickly financed that new $285,000 value with 20% down, allowing me to pull out all of my original cash investment and do it again all over again. But in today's world, to comfortably cash flow $200 - $250 on this property, I would only be able to pull out about $150,000 and reinvest it into another. My current cash flow of $1,100 is a nice bit of passive income that I really hate to disrupt, but I know the power of owning more doors. 

So, should I sit and hold this one property with no mortgage on it until rates decrease a little, or bite the bullet, refi that property now and re-invest into one more property. With my amateur calculations it appears that my cash flow decreases significantly when I pull out that money and buy even just one more rental. I know two properties increasing in equity from appreciation will move faster than just one over time, but today's rates and my current cash flow are making me want to stall. Any advice?