Refinance right now?

[Aaron Carter]

Looking to buy my next property within the next year. I have a Duplex that I purchased two years ago that I owe about $71,000 on and am thinking of refinancing it, I have done significant value add. Cash flow of $500-$600 a month and rents are due to be raised next year. I think it would appraise at around $128,000-$135,000 right now which would leave me with a 80% LTV cash out between $31,400 - $37,000.

I currently have the property financed at 4.25% 30 year conventional because my wife and I were living there when we purchased the property. We have since moved out and are now "house hacking" another property where I am closing on a $30,000 heloc next week from our current primary residence.

Is it worth refinancing the first property knowing that closing costs would be around $4,000 and likely facing a higher interest rate to cash out when I don't have another property lined up? I am concerned that I am going to be paying interest on that money when it is not going to be invested right away and it has been difficult to find good deals in my area as of late...

Or should I just sit on my $30,000 Heloc and utilize those funds even if it limits my price range?