It’s even Called a cashout refinance, even though you aren’t refinancing, since it’s paid off.

Should I consider refinancing to help decrease my monthly payment (my current rate is 6.41%), should I cut my losses and sell the property (which I’m hesitant to do bc I don’t expect to househack again), or is there any other route I can take?

I think because the majority of people who refinanced during COVID are holding up, we don't see much inventory in the market.

There is literally zero difference between a house you just refinanced at 80% LTV and the same house if you buy it today with 80% LTV. 

Are you buying the property all cash and then refinancing to take your money out?

Have you looked at refinancing your current rentals to purchase more properties? 

If you're looking to buy value-add deals, a lot of investors I work with start doing BRRRRs with cash purchases and refinancing out so they don't have as many risk factors involved.If your market is seeing any kind of appreciation, I think it's smarter to leverage your money to get the bigger returns. 

Opting for a 3-year PPP, typically adding 0.25% to the rate, offers more flexibility for earlier refinancing.

I got a 6.25% rate, and even before refinancing I am now cash flowing 1K/month because of the STR.  

Hi @Jason V.I would seek a 2nd position lien before refinancing into a DSCR loan at a much higher rate.