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Help! Investment Property Refinance - Cashflow or Equity?

Key Facts:

  • Current Mortgage Total Cash Outflow is $1846
    • 30yr @ 5.625%
    • P&I is $1,404.60
    • HOA is $220/mo
    • Taxes $222/mo
  • Rental Income is $1850

In late 2007 my wife and I got married and bought our primary home (perfect timing to buy a place /s!). It's a 4/2 Condo in Miami. Surely enough it went underwater by ~50%, but being the responsible people that we are we held on to it and property values now in 2019 mean that we have a little bit of equity ~70-75 LTV.

We moved out of that property in 2011 and have rented it out ever since, and just recently we became cash flow neutral (enough to cover P&I , Taxes, and HOA).

I'm thinking of refinancing it, but I have doubts about going to a 20 year or a 30 year. Surely, the 30yr is more attractive since it would generate an extra ~$366/mo in cash flow.

Refinance offers

  • 30yr at 4.5% a bit high due to 1)investment condo and 2) Miami this would generate about $366 extra in monthly CF
  • 20yr at 4.25% this would generate an extra $135 extra in monthly CF

What an I missing or should consider further masters of reddit? Thanks!

submitted by /u/Liquid18t
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source https://www.reddit.com/r/RealEstate/comments/e3z6n5/help_investment_property_refinance_cashflow_or/
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