Cost Advantage: Property prices in Mexico can be 40%-50% lower than comparable investments in the U.S. or Canada.High Occupancy Rates: The average rental occupancy rate in Tulum is 70%-80%, driven by year-round tourism.Economic Stability: Mexico's economy grew 3.1% in 2023, with a robust real estate sector supported by foreign investment.Infrastructure Investments: Developments like the Maya Train and new airports enhance connectivity, boosting property value.Feel free to reach out if you'd like more information on how to invest in Mexico, benefits and insights in general!

I'd recommend starting with the lower hanging fruit than a large basement reno - if your comps are close but don't quite get you to your number.Finishing the basement (with proper egress) could push you over the top, but confirm with an appraiser first to ensure it counts.

The rust belt has been wonderful for out of state seeking better rental property returns due to the lower purchase prices and cashflow potential. 

You would arguably be better off buying a CD at a slightly lower yield with almost no risk, time, or stress requirements. 

Since you are a beginner, you should expect to see lower leverage - think 70% vs. 85-90% but that quickly changes as you get experience.Specifically, get your financial files together, work with a real estate agent to find your property and connect with contractors to put together a budget and a scope of work.

Quote from @Devin James: Gross Margin is an important calculation for developers/builders.Gross Margin = Gross Profit / RevenueWe shoot for a 20% gross margin on our New Construction HomesReal #’s:Home Sales Price: $374KClosing Cost: $18,700Cost of Construction: $258KLand Cost: $30KGross Profit = $67K$67K/$374K = 17.9% Gross MarginCame slightly short of our goal of 20%Homes Values and Build Costs are constantly fluctuatingI wish we had a crystal ball build larger homes. average new build in our market is 2200 square feet, 4 beds, 3 baths, 2 car garage and sells for 515k. construction costs lower if design is good and find the median or average home sale price and push that up. my guess is you built too small. 347k is cheap. we target 429-479k price range in columbus ohio for single family homes and also only purchase close to urban core where premiums are 20% higher and we build smaller like 1500 sq ft where price per square foot goes up. 

As far as what to tell them, you simply say that you're listing it for $1,700/month and are not willing to lower the rate.

It's a more affordable market and lower property taxes, so you may actually have a chance to cash flow.

So, the actual increase to market rent will be much lower.

Not to mention staff, I’d check on the number required to stay up to ratio throughout the day, night ratio is likely lower than day ratio.