ROI Low- getting cold feet
Hello all,
I’m new here but have been listening to podcasts for a while. Husband and I have been looking for an investment property to rent. We recently found a very small house and offered in haste. We ran the numbers based on our agents rental income assumptions and numbers worked though low ROI. Our agent said there were multiple offers and they want highest and best by 5 PM. We offered thinking there was a 90% chance we would not get it and of course they accepted.
We have a home inspection scheduled for the morning. Should we go through with it or just try to back out? The ROI is between 1-3% though that’s basically the outcome for most homes in our area.