Refinance Existing home

[Zulu Black]

Hello BG Community!

I'm in a somewhat dilemma here and I'm not sure which direction to take: Cash out Refinance or sell SFH. I have a SFH in NYC that's appraised for roughly 650k. I pay roughly $2200/month to an existing mortgage of 226k, 3.25%, 15 years remaining. I've been renting out the house to offset the mortgage at $3200, giving me cash flow about $700/month. Based on the current market, I was thinking about possibly getting myself another rental property while interest is low.

I asked a couple of local banks and they gave me a quote based on 650k appraised value to cash out at 400k, 3.375% 30 years. Estimate payment per month is about $2400/month. What do you guys think I should do? What are somethings I should think about? 

Thanks