Refinance time - sell property or refi and keep renting

[Raj Kumar]

First time post.

I purchased my property in 09/2008 - 275K. For personal reasons had to move out, and started renting 02/2012, it's now 3 yr 10 months in rental with 4 month vacancy during this period.

1. 1. Rent/month - 1850
2. 2. Current principal - 190K
3. 3. Interest rate 3% -  5/1 arm ending in 6 months
4. 4. Annual Property taxes - 3K
5. 5. Other annual expenses - (insurance, hoa etc) - 1.5K
6. 6. During this rental period paid 6K for agents to procure tenant.

Current market value 290K.

As my 5/1 ARM term is ending in 6 months, I started to look for refinance options, i checked interest rates, now it's considered investment property so rates are higher, about 4% for 15yr fixed.

Can I get some help, this property, should I refinance and keep renting or sell it, how much I'll get if I sell and pay off mortgage, what's options I have.