I'm wondering if there is any way that I can refinance to a lower monthly payment in a way that makes sense.

I'm making the bet after 3yrs rates will be low enough to make sense to refinance  Why won't it be smarter to buy the interest rate down and lock in a lower interest rate now.

If you are planning on managing  your self or do a flip your self that makes sense, but otherwise look to a different market that works.  

So we make developing make sense for investors.We're also leveraging modular construction technology and standardizing traditional construction processes to develop faster and easier than ever before.Would love to connect with anyone curious about ADUs, permitting, SB9, the entitlement process for vacant land, or just residential investing in general!

@Paul Gamber, Your situation is a little gray as you're sensing and @Austin Cheatham laid out. 

Maybe its the sense of security..

This is exact kind of common sense and creative underwriting we practice.

Since the Utility Bill will change each month, each tenant's portion will also change each month....Easy Example: Say we manage a 2 family with 6 tenants/residents in total: 4 people living upstairs in Unit 2,  and 2 people living downstairs in Unit 1:  If January's water bill for the whole building is $100, then February's Rent for Top Floor Unit 2 would have an extra $100 x 4/6th (or 2/3 rds) added on = $66.66February's Rent for Bottom Floor Unit 1 would have an extra $100 x 2/6th (or 1/3 rds) added on = $33.33I always send each Tenant a copy of the entire building's Water bill, plus a cover page with a detailed explanation of the billing-breakdown.Make sense?

Drew, I completely agree about resisting the temptation of buying more than I need, especially if I want it to make sense to then turn into a LTR after 2+ years. 

If I was just going to have one or two MTRs I probably wouldn’t do it but with several in the same house I think it makes sense.