Is a cash out refi worth it if the interest rate increases 1%

[Mark Aqua]

Hi everyone
I’m looking to do a cash out refi on my rental property so I can purchase another property. 
I am able to pull 45k out of the property but my interest rate is going to jump 1%. I’ll be losing $350 in cash flow due to the increased mortgage payments. 
Do you think this is too steep a price or worth it to keep momentum going?

Thanks for any thoughts you have!