Hello Laura,
Similar to your story, I currently have four homes, all rented out, all with fixed-rate loans, all low maintenance with really good tenants, all solid in appreciation, situated in economically growing markets, that combined are worth about $3MM. Unlike your three, mine are not costing me $56 per day. They're somewhat better than breakeven, not sure how much. Don't really care. I enjoy a similar W2 income, $550-650K/yr.
Your Venice property costs about $231.00 per day and it's currently bring in about $226.66 per day. I'll suggest that this 'daily rate' can be increased given idea generation and or proper management.
From your words I'm going to guess that the falls into this sort of a description: "The bungalow is tucked in the quiet neighborhood on one of the nicest streets in Venice. It’s a short walk to Abbot Kinney's coffee shops, restaurants and shopping. Add on another few minutes to get to world-famous Venice Beach".
Knowing the Westside over forty years and specifically, knowing the heartbeat of Venice Beach daily and monthly rates, I'd be inclined to suggest you can find someone who's there, who can make it all work out for you. Someone who can exploit all of the advantages, resources, strengths of this property.
By increasing the income of that one property you'll eventually increase your equity, possibly assist a lender in calculating a better rate on a refi.
Whatever you decide to do I wish you well.
