Should I BRRRR my rental property? Please give me some advice.

[Matt Wells]

My rental was purchased at $117,900 + rehab costs of $17k. I put a 20% down payment on the property with a 30-year loan at 4.5% interest. Closing costs were $5k. The rehab was paid in cash. My intention was not to BRRRR it, but I am thinking of doing it. I think the property is worth at least $150k. Should I cash-out refinance? I can get a 70% LTV at around 3.5% interest. The refinance cost is $3k. I can get a little of my money back and lock in a lower rate. I think I should do this but wanted to ask the bigger pockets community for advice. I just want to make sure I am not missing something. (I know I can shop around for a better refinance deal, but I want to see if you think it should be done with my current option). Thanks!