I just had a similar situation where I raised the rent on a unit somewhat significantly to a rate that was better for me but still considerably under market value.

There are DSCR based seconds available for investment properties, however the rate and fees are high. 

Here's a bit more in detail about how rates are calculated for DSCR loans:1.

I'd vote against refinancing into a higher rates unless it truly makes sense. 

If I could give it to zero ratings I would.

I get about an 85% hit rate.

You sit and you wait....With new construction waiting isn't as bad a renovation because your holding cost is around a 7% rate, where as a renovation you are probably on a hard money loan at 12-15%. 

Our rate is a 3.5% fixed with 27 years remaining.

I am patiently waiting for prices to drop for no other reason than the market stagnation due to high interest rates.

Currently at a 50%+ savings rate, making it work.