Cash out Refi Inquiry

[Nathan Auclair]

So, today i received a letter from my current mortgage holder stating that I qualify/meet the criteria for a refi option that would give me 31+k cash in hand with a new interest rate of 2.5% (2.75% APR). Currently, my interest rate is 4.1% on 258K mortgage. With the proposed refi the payments would come down to $1148 per month, from $1875. With the cash out refi, the new note would be at around $290K. The house is a tri-plex that I'm house hacking with my girlfriend. Current rents total $2250 a month, giving me about $375 cash flow per month. If I were to take the refi, that would change to about $1100 dollars a month cash flow, which I could use to help pay down the mortgage more, and put some away for future deals. My question is, the house is currently valued at around $268-$270k range. Would it be the wisest to take a mortgage out at $290+K when the appraisal would be $20+k less? The offer is tempting because the $30K cash out would be put me in a great position to buy another multifamily. I'm just concerned about being 'under water" with the new loan. Seeking some sage advice on whether this would be the best move to make... Thanks!