Saving copy of 10.5 MXD to 10.4 using ArcPy at 10.5?

I can confirm this. I have 10.5 installed and I also do not get the option to save as 10.4.

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However, there is also no option for saving as 10.2. This is because MXD documents saved in 10.2 can be opened in 10.1.

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My first thought was that documents saved as 10.4 can be opened in 10.3. But I was able to test this and it doesn't work.

So, it's likely that this is a bug. I suggest you log this with Esri.

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