Refinancing a rental property

[Lamont Booth]

I have a rental property that I have now owned since 2010 that is currently tenant occupied.It is a townhome built in 1986 and its roughly 1300 sqft. My current mortgage balance is a little over $66,000 and my mortgage payment is $663 a month(includes taxes,insurance). I originally paid $82,000 for it with a $10,000 down payment and a interest rate of 5.5%. With the low interest rates we have had recently I have tried with several lenders to do a streamline refi and or try to access some if any equity from the property. However I keep getting the same results that :1. loan balance is too low. 2. Not enough equity in the home(recent SFH have sold for $90,000 and up). 3.with all the fees and closing costs loan will not make financial sense for the bank or myself. My goal is either to lower my interest rate which will help lower my mortgage payment which helps in increasing my monthly profits or pulling equity to make improvements to the rental and invest in other investment properties. Or should I take advantage of my current monthly payment and pay extra towards the principle which can help me pay off the property sooner.Thanks!