If you take that cash and try to buy units in the area, ask yourself what are they selling for?

In the past, I cashed out my 401K(Paid income tax + Penalty).

The good thing about the houseGood monthly cash flowGood interest rateIf its a headache property, I would sellIf it doesn't have much maintenance and you have good tenants, I would keep it.If you do decide to sell, you have about $200,000 of equity which you can buy 2-4 houses with when the market is more favorable.

Quote from @John Underwood: Are you sure it's not $600 extra per year?

That said, with today's rates, every increment of extra mortgage is way costlier than it was four years ago during the sub-3%-rate Covid days. 

Are you primarily looking for cash-flowing properties, distressed deals, or value-add opportunities?

run cash summary report

If you constantly cash-out refi you reduce equity and cash flow.

I got a PA for 300k/FHA loan. 720+ credit score, 75k cash, and good income.

Purchase price: $237,000 Cash invested: $11,850 Converted my primary residence to a Cash-Flowing Rental Property to a Section 8 Long-Term Tenant in a Class B neighborhood.Purchase in Sept 2019 Purchase price: $237,000Cash invested: $8,900Converted the Game room and Office room to a standard bedroom to make it a 6-bedroom 3.5 bath which increased the monthly rent from $2,400 to $3,215.