Each step you take reveals a new horizon.

If you are looking for maximum leverage, you can wait unit all units are rehabbed and rents raised but that may be a longer horizon if you have good in-place tenants at the $1200 rate and you don't intend to force another rent increase.Couple of other considerations (1) outlook on rates now versus later (2) current reinvestment opportunities (3) idle cash if refi and no immediate reinvestment (4) loan prepayment penalties, if applicable and not waived.I'm curious on what you are going to do.Very well done.

. $140/month is nice cash flow, but if your investing horizon is just 2 years out vs now, I would probably capture the equity while the market is good.

@Nicholas Varner   I think a decision to invest in the SF bay area is dictated by time horizons. 

Each step you take reveals a new horizon.

But from what I hear there's some great deals outside of the West Side, so I just need to expand my horizon a bit. 

I doubt you will be able to deliver vacant but if you send the increase now they know what is on the horizon and that may be more then someone coming in may do. 

With all the signs pointing in the right direction, I feel confident in the future of the city as it pertains to real estate values - especially over long time horizons of greater than 10 years.

You accept smaller gains and bigger tax to gain the economies of that volume.Buy and hold takes a long horizon but the properties are generally more forgiving in terms of immediate cash to obtain and put into production.  

House Hacking is getting harder to do here in SoCal (at least on the numbers side), but there are still deals that can make sense and with the market continuing to shift, there will likely be more opportunities on the horizon for investors.