REFI Question on Rental.

[Beau Jensen]

BP, I have a rental that I unintentionally house hacked. I have 5.25% on 30 years with $75 PMI each month. I purchased it in 2014 at $95,000 with 5% down. It appraises at around $110,000. I currently owe around $86,000 on the principle. I have had it rented for 11 months for $850 a month cash flowing $200 a month. Should I try and REFI and get a better interest rate and get rid of the PMI? Would I need to put 20% down on the current principle owed to get rid of the PMI? I understand I would have to pay closing cost. Looking forward to responses. Beau