Interest rates suck right now but I'm seeing properties just sitting and multiple price cuts.

For context, this place and the other calc I posted in another thread are in a very desirable, residential area next to an Ivy league school and all the grad school- the tenants (I was one a few years ago) are very high quality, its largely grad school/professor/staff rentals, and the home values historically have been largely immune to changes in the housing market- and probably as such, they've gotten really expensive.

However, we'd like to cancel the contract as interest rates have risen and it doesn't make financial sense anymore.

That's who I have my insurance on my primary home with and I got a pretty decent rate. 

And here in CA, our cap rate is very low, but we would not have any problem making the monthly payment to the bank.

Of course fed rates may have an effect on your overall picture but in my opinion this isn't something to stress about because it's largely out of our control as investors

. --  I have reached out to the PM and he has reduced the price to a more competitive rate but it still hasn't found suitable tenants. 

Rising rates, so refinances are scarce. 

I've had friends that host Chinese exchange students at the high school level.

We do not have kids, so are not tied to this school district or anything like that.