Closing on property 3/16 - should I walk or close?

[Maryanne Cameron]

I'm in the Finger Lakes region of New York (5 hours from NYC), reliant on tourism area and some manufacturing. I'm scheduled to sign paperwork on Monday to purchase the duplex. It'll be tight but I don't know if I'll end up with a job in 6-12 months. I'll start working my side hustles with urgency however, the virus and ensuing panic is now getting me worried I'll bite off more than I can chew. 

Numbers - Purchase price $165,000; 123,000 @ 5%; $42k cash from HELOC currently at 3.25 but variable.

Unit a - currently rented at $625 (650 was in all the info from owner but has been corrected at final close. Unit b - $1000-1200 anticipated.

[Nick Rutkowski]

Originally posted by @Maryanne Cameron:

It is turn key, the 1/1 unit is rented ($625/mo), the other is not. I shouldn't have a problem renting...or as of a month ago that's what I would have told you. The uncertainty and economic slowdown that's coming is concerning...which is stating the obvious. 

Okay, well at least you don't need to repair and can move someone in quickly. Real estate is a good hedge for economic slowdowns, you'll get someone who can't afford a house or got effected by the economy and has to rent again. On the flip side, when the economy is doing well you'll have people who have better jobs and can afford your place. RE is a win-win either way the economy swings. I'd be more concerned about rental law and regulations in NY vs. the coronavirus effecting the finger lake region's rental market.