Should I do a cash out refi?

[Nathan Shankles]

I am currently in year 5 of a 30 year mortgage on a SFH rental property. The rate is 3.625% and it cash flows $325/month. I want to pull out the equity (according to my lender about $40k after all is said and done) with a cash out refi at 4.5%. After the refi, the property will cash flow about $150/month. I plan on using the cash to invest in my next rental property. Do you think I should refi? Looking for some experienced opinions/advice.