I should add something to wrap your noggin around.

The mortgage interest rate is irrelevant.

Why? Because Blackrock borrows at 2% from institutional investors. They don't do anything so base as to go get a mortgage, like you great unwashed heathens (in case you think I am slagging you off, nope. I am one of the unwashed heathens too). They also can afford to just pay cash. And because their business cases is a 30 (or perhaps even 40) year business case, and because they are planning on getting subsidies from the US gummint and also raising the rent on you whenever they feel like it at a rate that would make your eyes bleed ... the price of the home is almost irrelevant. Pay 130% of the asking price? Sure. No problem. It makes sense for them. Just not for you.