Refinancing two mortgages

[Maximus Stovall]

I'm considering refinancing two mortgages I have on two separate properties or selling one property and refinancing the other with the added cash from that sale.

Property 1 (duplex total income $1,450. $400 below market value) 

Current value ~$220,000

Loan original amount $165,000

rate 5.625%

$1,242.47 monthly payment

Remaining principal $160,726.76

Property 2 (Single family home income $1,100 at market value) 

Current Value ~$190,000

Original amount $130,000, rate 4.250%

$884.76 monthly payment

Remaining principal $124,115.79

I have $880,157.45 in total equity in all my properties and $100,000 in cash ($980,157.45 in total assets) and $284,842.55 in debt. I also have a property with $139,000 owner carry ($423,842 in total debt) that I owe. Is it possible for me to consolidate these 2 loans? Should I consolidate the owner carry as well and payoff that remaining balance to the seller? The property 2 tenant wants to buy the house. Should I sell it to them and gain an additional $70,000 cash and add money down the property 1 and refinance the loan? Any options I'm not considering? Considering today's interest rates, my much higher income and credit score, I could drastically reduce both rates, I'd like to move on this within the year. 

I prefer not to purchase another property and/or acquire a new mortgage along with the additional cash. I'm sticking to the Madras, OR market and there's not much more available as it is. However, I'm open to try any and all ideas.