rental is paid off. approx value = $300k

primary has $302k left on mortgage (started at $345k in 2015). rate is 3.375% for 30 years, so obviously a pretty good deal.

we have $185k in cash that we were going to use to buy more rentals, but some recent deals that fell through plus a change in mindset has caused me to consider the refi path.

if we get a loan at 5% for the cash out refi for $120k, then we're looking at $660/mo in PI payments. primary residence PI payments = $1525, so +$865 net/month. plus, as noted, you get schedule E writeoff of interest on the rental (none on primary), so that's another $1100/yr for the first 5 years or so until interest starts dropping down.