Advice on option for rate buy down

[Ben Russell]

I'm about to do a cashout refi on a rental and I'm torn if I should buy down the rate, or wait hoping that rates will drop and refinance sometime in 2024.  I'd appreciate some thoughts and advice 

The rate is 7.9 percent, the one point buy down would cost 2k and lower the month payment by $137 per month. Loan cost would be an appraisal and about $800 origination fee. 

So, as it stands now, it would take about 14 months to break even on the buy down. But, my concern is that I could refi into an even lower rate in the next 6-8 months. 

Any ideas, thanks.