Regular refinance or cash out refinance on rental property

[Soup Nikk]

Hello,

This might be a newbie question but here's my current situation. 

I am planning to refinance my rental property (due to low interest rate environment). I bought the property in 2019 and got a 4.125% rate. I noticed that rates have dropped a good 0.8-1%. So the options I am evaluating are

1: Should I spend closing costs again to go from let's say 4.125% to 3.25% (and save $100-$120 / month)?

2: Should I do a cash out refi and use the money to buy another property (original price was 250k with 25% down, comparables show at 270k) So even with a 80% LTV I could cash out ~30k

3: OR Should I just do a regular refinance, reduce my monthly payments and keep it simple.

Any thoughts would be appreciated as I am wondering which path to choose.

Regards,

Soup Nikk