I would wait until I see two things happen as they are artificially holding the market1.

So there is demand but there isn’t much speculative foreign money or local cheap debt artificially propping the market.People who have been complaining that there are no opportunities to be found in real estate over the last few years keep looking only in the wrong overpriced markets which, by definition, are subject to a huge potential correction at some point.Sadly, too many investors seem to totally misunderstand the concept of risk and are in for a rude awakening at some point.

Also, 4% doesn't sound absurd if you are talking about a small property with a relatively modest purchase price....if its a Million dollar property, I'd start to suspect they are artificially high. 

Yeah, in theory, market rent may not have changed... but those prices are artificial.

@Sami Gren call a new lender and see if they can match or beat your current rate, they might as interest rates have dropped recently, don't give yourself an artificial deadline to "keep your rate"  It takes as long as it takes to get the results and if they come back with contamination it can be very expensive to clean up.

They are literally artificially driving prices up. 

I will not be holding any of them long term.During this first drop (and yes, there will be a new drop after this artificial invisible money injected climb), I got in onUAL - 20 , sold 30LATAM- short at 5, got out at 2.5DVN - short at 8.7 BA - 100 , openEOG - 34, openHD - 160 , openPSX - 50 , open , long term hold but very very solid company DIS - 91 , long term , little nervous about theme parks remaining solventBP- 17 , openTSLA-400 , openDidn't touch any biotech pharma companies with hopes they find the cure, very much a stab in the dark.and the big one..TVIX - 135Ended up selling at 550 and as you saw it went way, way higher than that, but that is something beginner's shouldn't touch as it is not just an inverse of the DOW and can flatten you in a hurry. 

My only concern right now is that my current apartment lease ends in July, and I'm not sure if I should sign a short term lease or buy this summer to capitalize on fewer buyers in the market - then there's also the whole can of worms with artificially inflated mortgage rates right now bleh.

they will also sometimes take into account depreciation (depends on the loan product) which will “artificially” make your profit look less.

Additionally for the pets, a well drained artificial turf area, 10x20 should be fine, if you allow pets.