Refi $85k non-warrantable condo or keep on HELOC?

[Matt Leonard]

looking for advice:

I bought an $85k, non-warrantable condo as a cash purchase (using my heloc from my primary). There's a long-term, part-time tenant paying solid market-rate rent, and it's turnkey/updated, with low/stable HOA and moderate appreciation. The numbers pencil out great when I ballparked a 30yr note, and my plan was to refi into such a term to payoff the heloc and free that up to look for an additional property.

However, because it is non-warrantable (OO ratios), and under $100k, I'm finding lenders to be few and far between, and with really high loan costs if I were to do a cash-out refi into s longer term.

While the HELOC is a great rate, the term is 2% of balance/monthly - so I'm actually cash-flow negative currently, but building up equity, moving towards cash-flow positive (increasingly so each month, and paying off the loan) very quickly.

Any thoughts here? I'm torn on just riding it out on the heloc at this point and building equity/flow faster vs. paying the higher costs for a refi (and freeing up the HELOC to look for my next door.

Thanks!