Should I refinance or not? (With numbers)

[Ryan Cash]

My question is, should I refinance and get as much money out as I can, or not?

Specifics:

Duplex, bought/rehabbed for $210K ($60K of our own money)

We owe roughly $150K.

ARV: $265K

Interest rate on current loan: 4.875%
Current Mortage/Taxes/Insurance: $1,100/mo
Current Rent: $1,200/mo each side ($2,400 gross/mo)
Cashflow: $600/mo

We have spoken with two credit unions (and will look into more) and here is what the numbers look like.

Lender 1: Will lend 70% LTV
Closing Costs (Not including an appraisal): $6,900
Interest Rate: 5.75%
New Mortgage/Taxes/Insurance: Roughly $1,450
Cash Out Refi would be roughly $28,600
New Cashflow: Roughly $250/mo
Money into deal after refi: $31,400

Lender 2: Will lend 75% LTV
Closing Costs (Not including an appraisal): $7,000
Interest Rate: 6.25%
New Mortgage/Taxes/Insurance: Roughly $1,600
Cash Out Refi would be roughly: $41,700
New Cashflow: Roughly $100/mo
Money into deal after refi: $18,250

We don't necessarily need the refi money to do another deal or two this year but it would obviously help although it would decrease (I think) the amount of money lenders would be willing to give.

Does it make sense to refi even though we won't get close to all of our money out of that first deal, have a much higher interest rate and decrease cashflow by over 50% or would it make sense to keep our money in that deal with the much better rate and not refinance? I understand that there will be various opinions on this but am just trying to get some other points of view that might give us some direction. Thanks in advance!

[Ryan Cash]

@Dick Stevens I budget 5% for future Vacancy, 5% for Maintenance, 10% for Cap Ex, 8% for Property Management so I don't count those $ figures toward my cashflow.  I am happy with a 12% return on my first property even if I can't write home about it! Thank you!