I have a pretty low-cost colo setup, and even so, I’m sure it costs me a good bit more than your current setup. I can’t imagine trying to set up colo just for a single site like this, especially when you consider that a cloud setup probably has much more bandwidth, redundant power, and other perks that would cost extra for colo. And, yes, if you’re going it alone, remote hands costs are absolute insanity in most facilities so there’s the cost (either in money or your time) to deal with anything that goes wrong.
And colo still involves being at the whims of the facility (or, for a cheaper provider, the whims of the facilities they use), which could cut off the bandwidth/power at any time for any number of reasons.