Marcus & Millichap bullishly forecasts continued increase in rents due to stronger demand and higher incomes.

Are the tenants paying market rents? 

Try to find a BRRRR multifamily deal and live in one unit and house hack it then rent the other units out. 

You’re about to be down 8% of your rent due to vacancy.

My guess is you are renting long term, turn key properties.

$13,000 in repairs, washer, and drier to get the property rent-ready.

Depreciation begins when the property is placed in service (available for rent).

Why will your rent be LESS per month after the tenants move out and you fix everything up?

If I were you keeping the property as 4 units and renting out bonus unit under the radar may be your best option especially if you plan to refi or do HELOC while occupying. 

:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+ (roughly 5% probability of default), zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, 1-3 years for positive cashflow, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680 (around 10% probability of default), some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, immediate cashflow and at the lower end of relative rent & value appreciation.