Should I refinance my rental home to increase cash flow

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I have a rental property that’s is valued at $85,000 and owe $58,000 on. I have a 30 year loan with quicken loan at a 5.625 interest rate. I currently pay $800( principal and interest, tax, insurance, and pmi) for my mortgage and receive $1100 for rent. Should I refinance to lower my rate and lower my monthly payment to increase my cash flow?