I have a 2 bedroom 2 bath in Mrytle Beach SC that is currently cash flowing about 400-500 bucks a month and I use it for short term weekly rental during the summer and longer monthly rentals in the off Sean. When I purchased the home in may of 2021 the sale price was 154k. Now I am being told that the property is worth around 210-220k from realtors in the same area trying to buy the house.

I am wondering if doing a re-fi would be a good idea and exactly how the process works. I did some due diligence with a lender down there and they are offering- 

Conventional 30-year fixed 4.990% at $1,035.94/mo (when escrowing both homeowners insurance + property taxes) to access $30,000 cash in hand. 

Currently the loan I have is a 30 year fixed rate with 3.875% at $714.54 with $121,544 left on the loan.

This is a good rate form what  is out there or I should continue to shop, also with the payment going up so much per month the cashflow would be taken out of the unit. 

If I did end up doing the Re-Fi I would upgrade the couch and floors to all hardwood first to hopefully get it re-fi'd at a high value of closer to 230k.

I would take the 30k in cash and use it as a down payment for a househack where I live in NJ.