Refinance Offer - what should I be considering?

[Nick Turner]

Chase has just offered me a refinance offer on my lone rental property. I'm trying to understand what I should be taking into consideration. Here are the details:

- Current loan is an ARM, 3.25%, next adjustment date is Feb 2017, payment (with insurance and taxes) is $1,121.78. I'm exactly 10 years into a 30 year.

- Loan offer is to a fixed rate of 4.375%, payment of $1,005 (with insurance and taxes). But it resets me back to a 30 year deal. 

Balance is $149K

It's through HARP, and Chase is covering all closing costs so I'll have no upfront costs. From a purely cash flow perspective, it looks like I should take the offer and make an extra $116 or so bucks per month from the property, but I'm curious about any pros and cons anyone thinks I should also be considering. Thanks in advance.