@Anthony ZottoI don't think either will have a big impact on multifamily, unless they drop rates and stimulate demand.

I have a lot I have purchased in Cancun and am needing to submit plans for the construction of the home itself fairly soon and am like a fish out of water.

Muddy up the waters more than that and it can become impossible to leverage.  

I wont say I go above and beyond on fixing up the places and making them jaw dropping beautiful, I still do them up enough to where I would be comfortable living there.

However, upon finally gaining access to the home it appeared that the water was running from every faucet in the house.

The biggest danger is a leaking tank that causes water damage, but it hasn't happened to me yet.

Here are the numbers I know so far:Rents4 units all currently occupied on one year leases- #1: 1/1 $995 monthly- #2: 1/1 $995 monthly- #3: 1/1 $995 monthly- #4: 2/1 $1,100 monthly- Gross rents: $4,085 monthlyExpenses- $12,070 taxes annually- $350 monthly insurance (my estimate, they have liability only right now)- $175 monthly landscaping- $120 water (electrical on separate meters, tenant pays)- Total expenses: $1,651 monthlyNOI around $2,434 before vacancy, maintenance, and management (although i would likely self-manage these)Property needs about $50K in other repairs and udpates from what I can see.

Bokuden quickly took over the oars and back-paddled into deep waters, stranding the irate and embarrassed young samurai on the island.

But if it drops to market rates of $1280, it drops -$58 or so.What are your thoughts on this?

Even a typical water heat replacement would set you back signficantly.There's plenty to the puzzle that i am unaware of but with what you've outlined here i would consider passing on the property.you know you need managementyou know you need to remove at least one tenantyou know cashflow is meager after considering management.i personally wouldn't recommend a client take on the risk for such a paltry pay out out of state.Even when considering long term appreciation the average amount of headache one assumes with a property will bog you down before the long term play pays off.