Newbie: Should I REFI OR NOT

[Tonye Jack]

Hello, 

I have a property I purchased for $97,500, with an original appraisal of $100,000. My mortgage payment including (Principal, Taxes and Insurance) is $477. I paid a 20% down payment bringing the mortgage to $77K, I've also completed a rehab putting in an additional $20k into the property. All in cash between down payment and rehab brings me to $42,000. My question is should I refinance at a 75%LTV, my estimated ARV is between $125K - $140k. If I complete the REFI I potentially only get $13K with a Mortgage payment increase to $508 Or hold the equity in the property?