I am on a contract to buy a rental 4 BDR, 2 Bath SFH property at AZ Goodyear. My escrow closes in 3 days from now. Seeing the current covid-19 scenario, jobless numbers i am thinking of walking away from my contract to minimize my loss. I would loose my earnest money+other costs which adds up to approximately 1.5 %. My PITI cost for 3+ months would easily cost more than 1.5% loss that i would incur now. I logically don't see a valid reason to close now. Any advise for me?
Do some market analysis to find out how many active 4/2 SFH rentals are in the immediate vicinity and how long they've been available to rent. If there are zero to 1 available, then you'd be well positioned to attract a tenant when you place your new inventory in the market.
People still need a place to live even during these strange times.
Here are some thoughts I shared on how the coronavirus may affect the Phoenix housing marketing specifically. Hope it helps to put you in the right direction: