Unskilled buyers often look for high cap rates and just spin wheels learning with limited years left on lease, weak tenant, poor location, price point too small they won't be able to get the debt they are seeking.Some people get upset when I tell them the reality.

If you can reinvest the 40k into an investment that will spin off income in excess of 2,904/ year (around 7.5% ROI) then it makes sense to refinance.

Although it isn't a significant amount of debt, that interest rate is likely much higher than you'll ever see in your high yield savings account so you're spinning your wheels IMO.

My head is spinning.

Then it's just a matter of spinning your ad to help potential renters appreciate the home.Average price is probably meaningless, because the range of prices is huge.

So rather than leave you with a negative answer, I'll put a positive spin.

Just because eight of the last 10 spins on a roulette wheel have been black doesn't change the odds for the next spin. 

I have seen a guy go so fast with a chop saw that it made my head spin, but I was also very sick of cleaning up sawdust after a while. 

Maybe I need a different strategy, feel like I'm just spinning my wheels.  

You might be spinning wheels on a deal that literally isn't there until you know this.