Hey BP! Very grateful for the wealth of information available for me on these forums and linked information scattered around. Happy to finally be diving in after a month of studious research and equipping myself with the right knowledge. My wife and I found a property this past week and we are under contract but still in the option period. The recent coronavirus events, jump in mortgage rates, and potential economic uncertainty has me spooked so we are carefully considering whether to continue through. Would love a second opinion on the deal and maybe some insight from those who have been through similar events in the past and have more experience.

The Deal

Investment Info: $160k home in college town about 3 mi from campus
What made me interested in this deal: my wife and I are specifically targeting buy and hold SFH
How did you finance this deal?: conventional 30yr loan
Other notes:
- Our COC estimates are about 12.5% with us managing the property (vacancy and maintenance factored in)
- Has older water heater, HVAC, and AC unit that have been regularly serviced, but are higher on age

Questions
- Should I be worried about an economic downturn on a buy and hold property next to a college campus and generally economically stable area?
- I've been quoted at 5.25% rate on the mortgage, but also given an option to float it until close in the hopes that it drops after the rush to refinance gets completed and maybe the coronavirus situation stabilizes (big if). Should I float or just lock?
- If the numbers make sense, am I overthinking it as there's no way to time these things?

Thanks in advance for any replies!