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

I get about an 85% hit rate.

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

That wasn't surprising since the country's credit rating is B-, deep into junk territory.After writing that reply, I decided to forever hold my peace on the topic in this forum (so you're making me make an exception ;-)).

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

Instead, rates are increasing.   

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

Not looking to refinance due to the great interest rates  4% on 30 year loans but would have not talked to any lenders that will do HELOC's yet.   

Make sure to thoroughly research the real estate market in both states, taking into account things like property prices, rental demands, vacancy rates, possible appreciation, and income potential.

It's also important to plan the timeline for each renovation aspect to understand how it impacts rental rates, cash flow, and property worth.