The additional cost here is nominal.2) You are the named insured not your lender.

Nominally priced as well.

As long as you're investing for the long term, the purchase price is nominal.

@Samy Nabhani as a longtime investor & experienced Realtor, that's one of the benefits that attracted me to eXp Realty is that they permit agents to sell up to 3 personal deals per year at a nominal $250 cost to the brokerage. 

@Joe Splitrock  I like the idea of just charging a nominal fee and will bring this to our PM.

From a simple nominal cash flow perspective, if you refi and acquire a new property that cash flows more than the difference between your new debt service payment and your prior debt service payment (~$200+ per month), refinancing would be accretive to your monthly cash flow, so I would recommend it if overall cashflow is your goal (albeit more risk). 

If you woke up tomorrow and Bitcoin was worth pennies, there would be no miners left in business.

I'd create an IRR goal, and then calculate the IRR factoring in your cashflow, principal pay down, and nominal appreciation and make a decision based on that info.Final note - I've learned at a handful of lenders up here if you hold the property over 1 year, they have no problem doing a cash out refi and levering a project gone well up to the new 80% LTV. 

People don't seem to understand the difference between nominal and real house prices.

I'll repair for as long as is reasonable and then replace when it's time.Most my clients are OOS and spook easily though so I always tell them architectural since the cost difference is nominal and they get peace of mind out of it, haha.