Although I will probably pay a slightly higher interest rate.

You have to factor in demand and vacancy rates to determine if it will be more profitable, and that’s specific for each market.

I charge a completive market rate while providing a really good service. 

I’d like to refi the 3 unit if rates drop a point. 

What was the interest rate and when you went to refinance what rate were they offering?

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This alone is a significant factor in premiums going up (even when rates remain stable).  

The ultimate tax hit is at most $5k (20k * max 25% tax rate) and it's probably not worth it to 1031 exchange for that little of tax deferrals.

Currently we are seeing STR owners posting for sale due to reduction in prices they can get per night and the vacancy rate increasing. 

@Jonathan Bombaci recommend using that amount as a bargaining chip for lower rates.80% of evictions are wash, rinse, repeat.