Worthwhile to refinance? BRRR?

[George H.]

Hi all, 

I am happy to share that, after carefully reading the plethora of information on this site for a number of months, I have purchased my first 3 rental properties (all SFHs) in 2018! 

However, I have a question regarding my 1st purchased rental property. I purchased this property, in March 2018, under market value, for $97k. Although I knew it needed about $5k of work, it ended up costing approximately $8.5k! Yet, by bringing it up to par, the market value is now around $130k+. Although I did not consider a BRRR at the time of the purchase, I am now considering as a way to get out some of my equity. With this equity, I could pay back a 401k loan that I used to purchased my 3rd rental property (approximately $8k) or purchase another rental property.

My questions are: 

1) Is it worth it to refinance, considering closing costs and higher interest rates? 

2) If so, should I pay back my 401k loan or purchase another rental property?  However, I may have to take out another 401k loan, since I prefer to buy rental properties $80-90k+. 

Any advice would be greatly appreciated. 

Cheers!