Has anyone with experience of multiple valuations in Portugal got a view on whether banks typically under value their valuations as a norm or not? 

How I handle them is typically not well because I am not as swift as I should be - this is when having a PM is so valuable.Whats your goals/vision for 2025 Fed?

You may not like their current deals/offerings, but I would call each of them and let them know what you are looking for - essentially your "buy box."

In this function, they will typically make better returns AND have a lower perceived risk level because they are controlling the assets.  

The penny pinching and essentially slum lording of STR's at least in my experience is over. 

Also, while you might have to put down 40%+ in some countries, it isn't typical and, again, it's not the case in some of the countries you mention. 

And what kind of MBF do you get out of a typical stem.

Typically when you see "cash only" the agent doesn't believe the property can pass a home inspection which isn't relevant for construction loans in most instances and there are plenty of banks, hard money lenders etc. who offer construction financing on distressed buildings.

Typically you aren't buying a fixer upper with a conventional loan.

You’ll typically find professionals or higher-income renters in these neighborhoods, so it can make a big difference when it comes to peace of mind and property maintenance.