We bought a property in Lake Arrowhead CA February 2020 for $320k (amazing timing). Put about 80k into it. Current comps in the area are around 600-700k (thanks to Covid). We financed it initially as a 2nd home with a 3.5 interest rate. Refi'd it last October (also as a 2nd) at 2.7 with an appraised value of $405k. It will definitely appraise for > $550k now. We grossed $72,000 on it in the last 12 months as a short term rental. There is plenty of cash flow and we self-manage. We are now looking to purchase another rental and would like to have similar returns. We are also considering buying a lot and building. We have a lot of cash tied up into this property and at current market prices a lot of return on equity. Since the property also cash flows well we do not want to sell. Should we do a cash-out Refi as an Investment Property at a higher interest rate than what we have? Or should we keep the loan as-is and not BRRR?

Purchase Price: $320k
Amount Invested: $80k 
ARV: $600k (very conservative)
Gross annual revenue: $72000
NOI: $55000