(*Even this varies a lot from market to market, and you may find with a lot of competition from other investors, you'd be wasting your time making offers at this level...or overpaying if your market is depressed...bottom line, get to know your market.)ARV can be tricky to determine, especially without access to the MLS - and I'd be very cautious about using zestimates, property appraiser estimates, or other mass appraisal tools, because these can vary wildly.

If you have the same issues, Make sure you add this into your numbers.Is the house "depressed"?

Read Harry Dent's book, "The great depression ahead".Its enough to scare the hell out of you.

Both have declining populations and depressed economies.

Decided to purchase another rental, we are in a great rental area IMO (metro-Richmond, VA) and with the depressed market at the time found we could double our mortgage payment with rent collected(2nd property gets $1000/mo PITI is $418).

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If you hold to those numbers it will severely restrict the number of deals you can do and you will be depressed and frustrated before you even find one.Right now if you look on the MLS, even in the worst areas of provo, houses are going for at least $130,000 and those rent for about $1000 per month.  

With that being said, Spain is a great market to buy into right now, particularly along the Costa del Sol - a glut of supply and grossly-depressed prices make for some excellent long-term appreciation gain, as well as an established and well-entrenched demand of STR in the summer. 

@Joshua May that is right- there is potential for the new law to depress home values in the coming year.

A kind of come for the depressed prices, stay for the better than bonds return thing.