Agree with @Ian Ippolito 100% based on my experience in fund formation and product development in private alternatives. 

Everywhere else has a declining population and not a lot to get excited about long term. 

There is active development happening on the street, which is a great sign.

I've seen new build developments where 10+ units are for rent all at similar prices and sit for months.

We do a lot of fix and flip, new construction, DSCR, Development, Commercial and even primary home financing all over Texas. 

You may be finding "a" development that has some covenant banning rental's, it's "a" development thing not a builder thing. 

The target rate I often see on syndication sites is around 15-18% IRR (and sometimes higher for new development projects).

Still, the addition of an API and ongoing development of the solution over a time where many other channel managers have been sitting on their laurels is encouraging. 

Also, regarding the 15% you pay to Airbnb replaces the commission your guests used to have to pay to Airbnb so you should be able to charge it through your guests through your pricing.And, yes, operating short-term rentals in Mexico, while cheap compared to developed countries, is somewhat more expensive than in Colombia, Ecuador and the Dominican Republic because Mexico is more developed.

I think the long term fundamentals here are solid with job growth and population growth, it’s just a matter of the new supply getting absorbed which will take 2-3 years.