Rule of thumb when considering cash out refi?

[Jeff Stoner]

Hey investors! 

Is there a rule of thumb people use when considering whether the closing costs are worth it when looking at a cash out refi of an investment property?

Here's an example scenario I am looking at....to pull out $60K in cash from an investment property, I would be tacking on $12K in closing costs to my loan (due to the 2.8 points that would be required to get a 3% interest rate).  Alternatively, I could get a 4% loan on the property and pay about $6K less in closing costs.  

Do you have a good approach when analyzing these types of scenarios?

Thanks!