You will lose most if not all of your current cash flow if you cash out refinance. If you just straight refinance you will likely increase cash flow a bit but not have the money to go after another property.
Did you house hack this or buy it as an investment? I'm not sure you will get to refi an investment property on a 30 year mortgage now and interest rates will probably be a little higher for you now.
I would cash-out refi or even sell and do a 1031 exchange so that I could buy a couple properties and start the depreciation cycle fresh with those.
Have you considered doing a HELOC? Investment HELOCs are hard to get, but it gives you a lot of options. Just be cognizant of the fact that the interest rate is variable. You'll prolly want to refi out and pay the credit line after a relatively short period. I'm actually going to cal PenFed next month to get one on an investment property I've owned since 2009. Happy Hunting!