Are these loan terms favorable?

[Bruce Clark]

I have a sfh that rents for $650 per month. Current loan balance is $19,000. Current rate is 5.75. Property value is around $65,000-$70,000. I want to refinance and pull some money out to use for down payments on more units. 

I have talked to one local bank and they offered 3/1 ARM at 4.83% and a 5/1 ARM at 5.08% max term of 15 years. I plan to talk to more banks to compare.

I have never refinanced a property before, so I am wondering what people think of these terms in the current market.

All advice, suggestions, comments, etc. are welcome. Thanks in advance.