Would you sell or refinance and rent my latest project?

I have a few rental properties that after rehabbing, They usually cost me about $100,000 to 120,000. I then refinance them and am getting about 1500 a month. The current house in question is bigger (3 bedroom) and costing more.I purchased for 58,500 and when done, will be in around $180,000. My agent wants to list it at 254,900. I am hoping to walk away with $50.000 profit. Last night, my wife suggests refinancing it and getting most of our money back and net over $500 a month from the rental. Plus the tax benefits, principal pay down and hopefully more appreciation in 10 years time. Yada yada.. I maintain the properties myself. Everything is brand new, so should be easy to maintain. Any suggestions on best route forward? Thanks.