Cash out refi current STR to reinvest in a second STR

Currently have a short term rental which grosses \~$3k / month with expenses $1,500/month. I have $240k in equity in the property. If I cash out refi I could pull out \~$100k. Here’s the catch, I’m being quoted at nearly 7% interests rates on the refi which means I’m going to need this $100k to work very hard. I don’t love the idea of leaving this equity sitting idle but expecting to beat 7% interest rate is asking too much. Am I missing something?