Continue with closing or back out?

[Michael Anderson]

I'm a first time investor and am scheduled to close on my first SFH April 3rd. I am buying the house for $37/sqft - others on the street have sold in same condition as it will be in post rehab for $75/sqft

Class B/C -$10k rehab, I'll have about $12k left in the deal. Expected rent is $1200-$1300 - PITI will be $950

I'm obviously nervous about moving forward being that this is my first investment and the economy is falling apart, I have plenty of reserves but I believe the housing market is bound for correction being that so many people are out of work and over leveraged. 

Opinions on whether or not to move forward?

Thanks!