Should I Refi my rental?

[Patrick Kucera]

I received an offer to refi a 3/2 townhome rental property I purchased as a primary residence in 2011 for $238K @ 4% through a 30 yr VA loan. The current balance is $210K and current monthly payment is $1718. The offer is for $220K (addl $10K closing/fees) 30 yr VA refi @ 3.5% with a monthly payment of $1609. Cash flow would increase from $130/mo to $240/mo. Plan on keeping the property as a rental long term. I know cash flow is king, but I'm looking for another set of eyes on this to see if its worth a refi. Thanks for any help!

Patrick