Not sure about return after offer accepted

[Laura Granelli]

Hello all, I’m new here but have been listening to podcasts for a while. Husband and I have been trying to buy an investment property to rent out. We found a very small house and offered in haste. When we saw it, agent said there were a few offers and they want highest and best by 5pm. We ran numbers based on our agents rental income assumptions and thought it would work. Now with a full day to think about it, we’re getting cold feet. Not sure home will rent for that amount and may just break even month to month. Return is low- 1-3%, though the market we’re looking in is expensive. Inspection is tomorrow morning. Should we bother or back out?