Do I sell or is refinancing to obtain equity a good idea?

[Bailey Laviolette]

Hello, as I am pretty new to real estate investing I would like to avoid making a big mistake. So I'm asking for professional advice and experience. 

I currently own two 3 bedroom houses on a lot and a half. I purchased the property 3 years ago for 163000$. I still believe that was a great price. I've done some renovations in the one house including: new kitchen, wall demo for open concept, paint, windows, door and a few other small things. 

it's been rented for 3 years with a great tenant. Bringing in 1200$ month gross. 

the other home next door  that I currently live in is also a 3 bedroom with a 1.5 bathroom. This house is bigger and has a fully finished basement. I've redone the kitchen, floors, paint, outdoor deck. Windows were already new. 

Now, I'd like to purchase either a triplex or a single family home where I can move to and rent the other home I'm currently in. I have equity in my home roughly 80 000$ won't know exactly until I get an appraisal but after doing some research of sales in the neibhorhood I've come up with a value of 240000- 250000$. 

do I sell the house and by something else or do I keep 20% equity in the home and refinance for a down payment? If I keep the property and move to a new investment I can rent the two units for a total of 2500$ month before expenses. But refinancing would bring my loan amount higher. Which means higher mortgage payment. Can I still see a good return? Or have I made my profits with this property and it's time to move on? 

Thanks hopefully I can get some input :)