Should i refinance at a higher rate ?

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Hi Guys, I would like to get some advice regarding my mortgage and whether I should refi or leave the payment as it is. My real estate taxes and HOA are about to increase . I receive $1450 for rent.

My currently mortgage has a principal balance of $115k with 4% interest. I had the mortgage since 2012 and an original loan of $168k. I paid down the principal down substantially and my monthly payment is $1204. I expect this to increase because the HOA dues and real estate taxes will bring the new payment to $ 1416. If I refinance the payment will be $1018. I really just want positive cash flow on a monthly basis, but will i be increasing my debt in the long term with refinancing at 4.5% ? I have 18 months left on my current mortgage to continue paying Mortgage Insurance that will total $2532. I will have to buy the rate down at $1500 to get it to 4.5 %. The lender is paying ALL closing costs. They are not adding it to the back end of the loan either. Is it worth it ?