Cash Out Refi or Normal Refi on Duplex?

[Derek Burkard]

Currently in the process of a refi for my duplex. Bought for $109,000 in 2017, recently appraised for $144,000. I'm currently sitting at a 3.75 % FHA loan and refinancing into a 30 year conventional loan.

The options I've been given are a cash out refi at about 4% for about $5-6k or a regular refi for about 3.5%.

Any advice on which I should get?

I would like to focus on generating more cash flow, the regular refi would be best for that. But taking the cash out would also double my current investment savings, which I could potentially use to purchase a new income property. At the cost of a higher interest rate. Any advice is appreciated!