Help me analyze this refi option

[Paul Welden]

I'm considering doing a cash out refi to free up some capital to invest in other properties. Current loan offer is 75% LTV at 3.875% with $275 lender fee but paying 3 points.

Condo location is in Phoenix Metro area
Condo is owned free and clear
Current market value is $140k-$150k
Rent is $850 but going up to $900/mo in October
Credit score is 815 
 
Condo monthly expenses are:

$175 HOA

$70 property taxes

$20 insurance

I appreciate any thoughts or feedback you have to help me analyze this.