15 year or 30 year mortgage with a story?

[Chance Noffsinger]

Hello All, I am new here to BiggerPockets.  I know there are a ton of posts on 15 year vs 30 year mortgages, but I did not find one that fit my scenario.

I currently own a Single Family rental in Boulder, CO.  It used to be my primary and I refinanced to a 15 year in 2011 at 2.65%.  I have almost no cashflow on it.  Now that I want to build a rental empire, I am tore on doing a refi to 30 year at 4.7% to have the $1350/month in cashflow.  I am really torn on going to a 30 at a much higher interest rate, but I can do a lot with the extra cash.  Any advice on this would be helpful.

Chance