Need help making a decision to do a cash out refinance

[Logan Wright]

So I have a rental I've owned for a year and a half. Bought it for 167K and put 20K into it - total invested is about 50K. 

It would refinance for about 240K right now. The bank said monthly payments would jump from $800 a month to about $1400 a month. 

Cash flow would go from about $400 a month = 4,800 a year NOI to -1,200 NOI a year.

BUT I would get my complete investment out of it and be able to buy another house I've been looking at. Is it worth sacrificing that much cash flow and take on the higher monthly risk in order to own another house? 

Thanks for any insight you may have.