You are wise to be concerned because the landscape has changed and no on knows what lies on the other side, and this is a perfect example of why you should buy value (financial cushion) and not count on appreciation in r.e.

People always need a place to live and interest rates are favorable right now, so I say if the numbers have a cushion to be competitive in this current market you should go for it.

Did I factor in a big enough cushion at this price? 

Do you have a cushion to make the payments for ~6 months if something goes wrong?

@David Hulit thanks for info i just took a loan out for a cushion and to consolidate debt so i sould be good but may apply to see.

Paying down an extremely low rate mortgage isn't saving you very much on a monthly basis, and having the security of a decent cash cushion will help you through any bumps in the road, but also allow you to pounce on any investing opportunities that come up.

It is critical for tenants to be aware of that as well.I also think it is important as part of the tenant screening process to ensure the tenant has some cash cushion and not just living from pay cheque to pay cheque.

That way you're cushioned and not walking away from a good deal and build some cash flow. 

My current financial situation:a) I have $16k in accessible savings that was meant to be my cushion for this property in the event that I had to hold it for a while vacant, (still is).b) I work in the architecture field, which is dependent on a decent economy to get new work.

I have a large cash cushion but this world is completely freaking crazy right now.