Should I Refi or stay put?

[David Jenkins]

I purchased a 3rd rental property in Los Angeles last year -- A SFR in a booming area I got off market for really cheap. It kind of came out of nowhere, so to obtain the property I got a conventional loan for 80% -- then used a line of credit I had on another property for the 20% downpayment -- and finally, about $100K of my own cash to remodel the house (it was in very bad shape).

In doing this I earned about $150K in equity from the get go, and I'd like to use the house to build further equity as the area cooks and then 1031 exchange in 2-5 years and buy something larger. 

With that -- With the rental income I'm getting, after paying off both my mortgage and line of credit every month I earn about $750 free and clear. 

I'd love to be able to do a cash out refi -- The cash portion used to pay off the line of credit and the rest to pay off the conventional mortgage. This would consolidate it all into one, so I wouldn't feel so over leveraged, but most importantly, free up my line of credit for more potential property purchases. 

The issue here -- is doing the new refi will raise my mortgage another $400 or so per month, and eat into my profits. I realize it's not all that much either way -- But it's nice having a little extra pocket cash every month. 

What would you do?