Help! Worth refinancing investment before rates go back up?

[Jessica N Sites]

Hello!

I've been a member on the forum for sometime, often just reading through answers and ideas. I currently (since 19') have an investment townhome in WV panhandle. I see rates are still pretty low and wanted to take advantage of them before they went back up. I plan to hold this long term (years). It was built in 1993 and recently upgraded cosmetically and a newer roof added. Below is the current offer I'm looking at and where I'm sitting at currently. I'd like to get rid of the PMI (wasted money) and increase the cashflow potential.

Current - Zillow estimate ($162K)

Loan amount was $110,925 @ 5.25% over 30 years. Payment w/PMI/escrow total is $760.55. PMI alone is $48. $108,454 left on the loan.

Considering

new Loan of $114,500 @ 4.875% over 30 years. Pts ($2,792). Payment total (escrow/NO PMI) is $ 707. Closing costs rolled into loan $6032.

Now obviously this would increase my cashflow immediately but would add a considerable amount to the loan itself. I calculated it would take 8.6 years to recoup the closing costs. The current lender wants 65% LTV with a appraisal before dismissing the PMI.

So ANY opinions, ideas, thoughts from someone whose been at this longer than myself? What would you do? Thanks in advance!