Should i sell refi or what?

[Vanessa Roark]

I have a home in Kennesaw Ga north of atl

that I have been renting out for past 4 years near a college campus l. The lease is up and tenant is moving out. I’m thinking of putting 3500 into painting fixing interior for another renter or to sell. I think it’s worth 225 if I sell it based on realtor wanting to list it, When I got it appraised 3 months ago it went horrible 159k when a house down the street just sold for 198k. Anyways my current interest rate is 4%. If I refi it will be 2.85% and changing from a 30 to 15 year mortgage. I wish I could take money out to buy another property but don’t want to pass on this low rate. Is it best to sell, refi and rent it out again?