There are a lot of good choices, you can find them on BP.

My smaller units always rent faster than my larger units.  

If you refinance with the intent of getting cash out, you'll likely end up with a larger mortgage payment, making it even tighter on cash flow (its already very tight at $150/mo. gross).

From my recent research, evaluating a larger multi is similar, except the amounts needed for down payment and other costs can be increased.

Disclaimer that i'm new to real estate investing.From just quickly looking at the numbers, looks like you have way better investment choices than the property you listed. for a $300K loan (and $70K Equity), you can find 3 x $100K properties that can get you $1000 a month (or more) depending on the area that you invest in. 

@Samir ShahaniIn addition to what @Neil Goradia mentioned about nicer finishes in the more expensive homes, the higher priced homes tend to be larger so there is more square footage to maintain.

The two common choices for doing so are the self-directed IRA and the Solo 401k.The Solo 401k requires self-employment activity, but will allow you to take participant loans while the IRA does not.A few other Solo 401k benefits:Compared to an IRA, Solo 401k contributions limits are roughly ten times higher.There is no custodial requirement for the 401k.You don't need the additional expense and administration of an LLC to have checkbook control.There is a built in-Roth component whereas IRAs are either traditional or Roth, not both.A spouse can also participate in the same Solo 401k plan.The Solo 401k has additional tax benefits over an IRA when investing into real estate using leverage.The penalties for prohibited transactions are less severe, though it's best not to utilize this benefit :)With either structure, it's generally recommended that you do not commingle retirement and non-retirement assets.

However, for anyone wanting to buy a property in this area to live in this would be a great choice!

I say this to help you get a larger return in the future and help command larger rent sums.

Question number one would be is it in a place where your FHA loan is allowed to continue on this as a rental property, if not you may have no choice but to refinance.