evaluating options for current property

[Barrett Boone]

I apologize in advance for the long post. I am new to real estate investing. I currently own a property that is out of state, that I bought while in school that is being managed by a property management company. I'm trying to determine the best way to leverage this property in the most effective way

Purchase price: 164,000

Zillow estimate: 172,000 (just a quick prelim number)

15 year note ( ~7 years 88,000 remaining)

Income: 2300

Expenses: 500 (~22% of income)

Mortgage pmt: 1740

I ran the numbers so far this year, and if you assume the 50% rule the way that I understand it the property is NOT cash flowing.  However, at the current average expense rate of about 22% (including prop management fee) it's averaging a cash flow of about $60.

I was considering doing a cash out refinance with a 30 year note, and using the cash on a down payment on a deal in the DFW area where I live. Then not only would the property cash flow much better but I could also continue investing closer to home.

If I understand correctly, to do a refinance you would refinance 80% of the market value which would be about 137,000 in this case.  After doing a quick refinance calculator I found online the new payments would be about $800. 

The lower payment would allow the property to cash flow about $350 ( with a 50% expense assumption) if I calculated it right.

New CashFlow= 2300 - (2300*.5) - 800

I have 2 questions: 

1. Are there any options that Im not thinking about, or any pieces of these options that I haven't accounted for.

2. Would it be better to just hold out the remaining 7 years on the loan so that the note will be paid off much sooner or go ahead and re-finance.

any advice or being pointed in the right direction would be appreciated.