Like your build, our project is situated on a smaller parcel of land compared to other Towneplace Suites I've examined.

In some markets and at certain times, it may not make a significant difference compared to the time and money you would put in to do the rehab.* To the same real estate professional, find out their opinion of the area and the current and potential growth and appeal of your property and the neighborhood (market) to potential buyers and renters.

-If not, then I wouldn't add $100k of 'Value' to the property just for having an established Pizzeria, since as a simple landlord, it all breaks down into the return calculations above (hinging on rent/mo from your tenants, whoever they are) which at your current estimates would leave you under-returning compared to a money-market account earning 5%.Now keep in mind, I have been discussing the long-term hold return of this investment.

I’m sure it would definitely yield higher returns, particularly compared to the Seattle-Tacoma market. 

A friend recently asked me to compare two Houston zip codes, 77008 and 77063, from an investment perspective.Now, I'm a big fan of Texas but the first thing I said to him was the weather is HORRENDOUS.

I pull a report of comparable rentals (usually off of Rentometer, sometimes using MLS data as well)2.

But compare to Option 1, it will allow more funds on the next property.3) Stay put. 

I compared it once and there were several listing investway did not have, but it had most.

Bear in mind that a lot of the BP content is US-specific and doesn't apply to Spain.As mentioned by @Andreu Ferragut, the rent/price ratio of long-term rentals in Spain is low in absolute terms and compared to many areas in the US and you can't boost your returns with leverage the same way you can do it in the US.

I know that’s Pennys compared to the prices in that area but there has to be something.