Newbie on this site and looking to make new investment

[Poteau Thomas]

Hello there!

I recently discovered this website as I am looking for solution in making my next deal. I have been a part time real estate investor for the past 15 year. I mean part time in the way where I have only few properties that I bought and hold. Most of them have been primary residence and turned them into rentals as life went on. I purchased one property solely for rental purposes. I am self managing my rentals out of state and country. I have 3 in texas and 1 in Canada. Beside occasional problems, all is going well and my properties are well rented for the most part. I have not been looking for high returns as I am holding my properties for long term (the oldest one is at 15 years). Although my ultimate goal is to become full time investor within the next 5 years (I always had a goal to retire at 45, I am 40), I am not a millionaire in no means, as my strategy is more a long term but I am certainly determined to get there. My full time job is an executive in luxury hospitality industry which leads me to the market and investment I want to make. 

In the last few years I have been looking to make a significant investment on a vacation rental in the Caribbean (a dream of mine for the long term as well). One deal fell through about 2 years ago due to conventional financing. I now took my time to identify a new property but I am once again facing a challenge with conventional financing and mostly the down payment. I have mostly secured a 80% ltv financing (2.57% with 20 years term) but need to bring a down payment of nearly $1million along with payment reserve of about $500k. 

The property is 6 month old in an exclusive Caribbean island highly sought after by USand European wealthy tourists. It is a vacation rental so I did my pro format with 50% occupancy and about 34% expenses. This is giving me a COC return of about 5.75%. My sense is that the property has more potential (occupancy wise and rental income) than that but I am very conservative in nature so I would rather be pessimistic going in.

I am determined to make this deal happen. but does this deal make sense? Let me know if you have any recommendation or suggestions.