Need advice on loan strategy, please!

[Gideon Blustein]

Id love some advice: Single family property Balance of 128,000.00, appraises at 155,000.00. Rent is 1300/month which is a little low for the market. My current loan has 19 years left in term, Montly P/I payment = $860.83, rate 4.85% annual adj. The proposed refinance = 30 years, monthly P/I = $670, rate 4.75% 5/1 arm portfolio loan, but closing costs seem high at $2400. Goal is more cash flow to put toward additional properties. Does this seem like a good refinance? Should I stop sweating the closing costs?