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I agree with this, but I do think you are better off getting them out as inherited tenants increase risk.

Any main industries providing consistent employment for tenants and attracting folks off the west coast? 

Do I concentrate on paying it down and increasing my credit score?

My lender says it makes sense to at least refinance even if I wasn’t cashing out to get rid of PMI and have increased tax benefits from the increased interest rate.

But being that it's increased so much it's got us thinking... 

On the flip side, you're going to have to ask yourself if you have any attractive alternates in which to invest your money and, preferably, are you willing to live in the in the new investment (i.e. house hack a multi-family property) or significant downgrade your standard of living accommodation.

The tenant may withhold the difference between the old rent rate and the new increased rate.

It seems here in the Bay Area, it is starting to soften, DOM increasing, some sellers having to accept lower than listing price.

This change alone stands to gain me ~$150k+ in equity due to the increase in NOI.My concern is that firing this PM may prove complicated due to his status as a tenant.