That's how you get the best of both worlds.I will defer to your judgement / answers as you are going to be more of an expert in the area and I am just basing it on spending a few months there and potentially wanting to live there in the future.Maybe I chose a wrong word when I said 'poor'.I stayed in Madrid during my time and I just based my response based on discussions I had with locals and 'high level research' on the internetIt appears that unemployment rate is high in Spain at around 11 percent with a higher rate for those who are younger.A had discussions with many where they are mentioning to go outside of Spain if they want to further their career or get a higher salary.locals have told me that it is difficult to start a business in Spain from getting approval and the taxes are higher for those that are self-employed.My personal assessment, which I think agrees with yours, it will be hard to make a rental work if you target it to locals but if you target it to outsiders, you can make it work.During my stay in Madrid - I stayed in Chamberi, Lavapies, La Latina, Malasana and spend around $60 to $120 a night mostly in airbnb's(basic rooms with basic furniture). 

Were you targeting a single family home or multi-unit property?

Personally, my investment funds will be targeted elsewhere for the foreseeable future. 

Apparently I'm not searching for the right thing.I'm aware banks won't recognize the value of the rental income because there is no lease, so my target buyer would be an investor or investment firm looking to pay cash.

Hi Samuel, What price range are you targeting? 

What sales price range are you targeting on this purchase? 

I didn't reach out for further information so as to not get any salespeople excited that I was a target for them at this time.

And I target working class hoods in C+ class areas where rentals are in biggest demand in good times and bad.

Our group sees a lot of investors targeting MA for for investment opportunities due to location and high rental demands. 

In fact, my dk plan for a long time has been "identify the property in foreclosure, DK 5 properties either side of that house as "a realtor in the area saying hi", then have a difference conversation with the owners in foreclosure, so it is targeted rather than needle in a haystack.