Sell or Cash out Refi ?

[J Corona]

Which is best option on current rental, use 1031 or instead do cash out refi ? Home used for STR: profit $600 per month but is older home and takes up lots of my time doing handyman work. I have 2 other homes that cash flow 1,000k per month and require less of my time , property in question is lowest performing home

Home sale: 240,000 / Owe: 62,000 Estimate: 160k for 1031 exchange.

2 new properties In Houston, not yet identified. 

Or

Home appraised: 240k / Owe 62k , do cash out refi %75 LTV.

New Mortgage: LTR would cash flow maybe $200 , but 110k in pocket to use in 1-2 years to buy two new homes and use my successful STR model to turn into cash flowing properties.

What are the down call of cash out refi, how much more is interest are we seeing for cash out refi vs conventional rates