If you’d take the money and put it under your mattress then I’d say don’t refinance since that’s a losing bet.

Tenants you store cash in their mattress may be hiding from collectors/debts...or just not have enough money/reserves to justify a formal account!!

Following up on @David Cook with the treatment spray for $200 - it also pretty much never takes one spray to treat them, they're are usually pesticide resistant and a nightmare to get rid of, especially if the apartment is vacant (they're hiding until there is a host to feed on) - make sure that tenant doesn't drag her potentially infested mattress/couch/furniture through your buildings hallways so they spread! 

Debris removal by item couch, 45.00 mattress 35.00 box spring 35.00 

Lean except two grocery bags of belongings, a mattress, and she left broken furniture on curb.

As I recall way back in my graduate rental days (in Southern Illinois) most rental properties to students were a wreck because 1. they were cheap housing to poor students and 2. students did their best to help wreck them.I remember a fellow I barely knew (proudly) commenting that he and his roommates final "goodbye" before exiting their furnished apartment was to drink a six pack of beer and then urinate on the mattresses and couch and easy chair.

I probably would not have let them 'move in' (with all their furniture and stuff--more just a place to stay with a suitcase and air mattress or something), but I decided to pass on that idea. 

There were boxes, old tv's (the heavy ones), mattresses a fridge full of food and trash.

It's the best of both worlds- you get a higher LTV and the flexibility of using the money when and where you want, without the stress of paying interest on it while it sits in your mattress.

I probably spent $3-4k (haven't added it all up yet) taking a nice normal family home and sprucing it up for high-end rental- that's new linens, a few pieces of new accent furniture and lamps, pillows and pillow top mattress covers, lots of deep cleaning, a new sofa bed, a new king bed, etc.