My first fixer rented - Should I refinance?

[Marc Nicolàs Mariano]

Hello!

I purchased my first fixer rental property back in May this year for 220k$ and I totally remodeled by myself and now it's worth 300k.

The house got rented very quickly for 1500$, with a cashflow of 300$ after all opex, capex expenses. 

In May I locked the rate at 3.75%, and now refinance rates are close to 1 point less, 2,75%. 

Wondering if it's worth it for me to refinance and get 100$ less in payments every month? Also considering the cash-out, but if I don't need the money to buy another property, is there really any benefit of doing the cash-out? most likely the rate would be higher for the cash out than what I'm actually getting.

Thank you upfront for your responses!

[Chris B.]

Are you sure you can get 2.75% for an investment property?  I'm seeing near 3.5% here for investment.  I'm only seeing sub 3% for primary homes.  Assuming your rate is accurate and it will save you $100 a month, do the math.  How many months will it take to recoup all of the new closing costs? Generally if you plan to keep it for a while and you can recoup the costs before you sell it in the future, it was an OK decision to refinance.