1st deal under contract! What to do??

[Brittney Guy]

I have a 1903 house under contract which is my first deal.

I have the inspection set for this Friday and have 3 general contractors coming to estimate.

I’m scared that this property will have a ton of issues given it’s age. There are also tenants living there on a Month to month lease and paying way below market rent.

I know I can back out of inspection is way more than expected.

Currently the deal is 72k w/ 20% down

20k in rehab with a Cash Roi at about 7%.

It doesn't meet the 12% Cash ROI but I'm going through the process to learn if all else fails. Any advice on how I should handle inspection and contractors?

Should we get ready to walk away from this deal? Please help!