COVID-19 impact on NW Washington Market

[Grace P.]

We are in contract on a SFR in Anacortes, WA. Original plan is to rehab and sell. It will need about $30-40k in rehab. Purchase price is $300k. ARV is $450-500k. We are getting concerned about how the Corona Virus will impact the market and if values will plummet. Do you think we should pull out and lose $3000 earnest money or ride it out and see what happens? We could rent it out if it doesn't sell. We are using HELOC tied to other rentals and primary to purchase it. Interest will be about $1500/Mo. We can swing it if it doesn't sell but it will be tight.