To refinance or not to refinance?

[Blake Hudak]

Hi,

Looking for advice on refinancing, and how to best capitalize on my situation. I own a duplex and I am looking to continue investing in 1-4 units homes in my area with any cash that I could free up.  

-Loan balance is $65k @ 3% interest, on a 7-1 ARM loan (I am 4 years in), so some type of refinancing is inevitable.

-Mortgage, interest, and tax Run about $675 a month. Then of course there are other costs. 

-Rents for $1800 a month

-Estimated value is around $130k based on comps of other rentals in the area. 

So the question is, do I refinance to pull the cash out and accept far less cash flow? Or do i maintain high cash flow, do a conservative refinance, and hammer down on paying off the house? I worry that at higher loan values the numbers will not make as much sense, but I also want to keep adding doors to my portfolio. 

Thank you.