(mostly cosmetics), what price range that it must fall into at that condition (for the purchase price) and/or what the maximum LTC to ARV must be (in other words the purchase & rehab numbers must not exceed 65-70% of the ARV, the lower the percentage of ARV the better).

You will also find hard to refinance it (lower interest rate expectations in future) if you are not in the US.

On the flip side, inventory tends to be lower so it really depends on the inventory level in your specific market. 

This implies residential units can be built at lower costs and provide better return. 11) adding an ADU to SFH can make the SFH fall under rent control.

LTC/LTV also lower which combined with depository relationship makes borrowing even more capital intensive.

A loan is better that has a lower rate, a longer amortization, and a shorter prepayment penalty.... 

Most lenders will consider only the lower of the initial purchase price + cost or appraised value with less than 3 months seasoning. 

If this Cap is allowed to expire, I would think that there will be a rush to take advantage of it.That should increase demand for higher priced Homes because the Standard Deduction gets reduced significantly AND you can go way above the Standard Deduction by Itemizing the SALT Deductions.If your comps are Single Family Homes and/or small Multi-Family that can convert to an Owner Occupied (think BRRRR here), it is well should rise in value as the Federal Tax deduction lowers the monthly payments for every homeowner with a large Mortgage that also pays State and Local Taxes. too funny I had not thought of the Salt deductions in years and today it popped into my mind then you post this.. very true for high priced markets this will be a huge bene

You can't compete against the all-inclusives unless you offer complimentary food and booze or you're cheap, as you seem to be confirming.This being said:1) Properties in Mexico/Cancun trade in USD so you have no foreign exchange risk in Mexico while properties in Colombia are traded in COP, the Colombian peso, which has been tanking over the years, eliminating any hope for capital gains for American investors.2) You can get a mortgage in Mexico but you can't in Colombia so even with lower revenue, Cancun would likely still be more profitable, even if you don't take capital gains into account.3) The political risk is much higher in Colombia, especially at this present time.Is Cartagena a bad investment?

Are you willing to lose it all for a 20% return or take lower risk for an 8-12% return (but always have risk of losing it all).