Looking at the second to last R... is this the time to refinance

[Michael Phillips]

Hello everyone, looking for some BRRRR advice for a first time property owner. I purchased a fixer duplex in Echo Park in Los Angeles a year ago at $1.03mil with 30% down 4.25% residential loan. I went through a painfully expensive rehab but it is now more or less up to speed and fully rented out with each of the two units collecting $3k a piece monthly for a total of $6k each month. I had planned to get the units to this point and become comfortable with the process of managing a rental myself for a few years as I had anticipated mortgage rates going up and did not want to try to run before I could walk. Now I am hearing about mortgage rates potential dropping below even my 4.25% and am curious if I should reconsider my caution and do the "Refinance and Repeat" part of the strategy. I am unsure how much value has been added by the remodel but it is in significantly better condition and collecting market rate rents, all of which looks great to banks for a refinance right? Would I get less preferential rates now that it is fully rented and not my primary residence? Would the short amount of time since the original loan cause me to loose too much value to the costs of refinancing? Any thoughts on this would be appreciated.