Deal or no deal for high priced property with high rates and

[Rufaro Chirewa]

Hi everyone, 

I am trying to buy a property that I can rent out. Interest rates have shot up, and we bid $50k above the asking price, because of how competitive the market is. I am now unsure on whether to continue and buy this house that has now a high-interest rate, and is overpriced. The mortgage would be around $1,800 to $2,000. Before the high rates, it was $300 less. This leaves my cash flow at $100 if I am lucky! 

I am thinking of backing out, and restarting the property hunt, or taking that leap, and hope rentals will go up, or that I can make some equity in the next two years and refinance or sell.

Would love your opinions.