Should I refinance or let it ride?

[David Soleymani]

Hello everyone. This is my first Official post. I will try to be as descriptive as possible.

I own a SFH in Virginia Beach that I purchased 7 years ago with an ARM. I'm currently paying 2.375% interest and it's set to change Nov 1st. I bought for $200k and currently owe about $180k. I'm receiving $1125/mo and expenses are $1035.

So with this in mind, I have been debating on either sitting on this since my interest rate is so low or refinancing and taking advantage of some more cash flow. I originally figured I would wait to refi when the ARM adjusted to a higher %.

I'm a little stuck here.