Refinancing a Rental- Good deal or not?

[Matt S]

Have a rental that is currently at a rate of 7.6% 30yr fixed with PITI/mth of $975. Right now it is break even cash flow. Rents in that area range from $950 to $1150. I am attempting to refi under HARP which allows 105%. On the refi my rate would go to 4.25% -30yr fixed with a PITI/mth of $690. Thus generating $285/mth cash flow. Here's the problem. I need to bring $13k to closing to do this refinance because of the drop in value.

I plan on having the home for a while just due to market conditions in that area not making selling an option.

As investors, do you let a bad deal(no cash flow with minimal appreciation)remain as is and utilize cash elsewhere or do you pony up the $ to refinance and turn it into a better investment from a cash flow perspective?

Thansk for any feedback.