Understand that the cost to the investor is only the cash that's out of pocket. 

Thus, when a foreclosure sale is held, you can set the bid amount up to the amount of the total debt, which would likely increase from 80K to include the legal fees, receivership costs(we suggest 5 - 10% of the rents collected), repair costs, additional accrued interest, minus rents collected.

I am putting in a link to something that may be help, a cost of living comparison calculator (https://www.bankrate.com/real-estate/cost-of-living-calculat...). 

The cost associated with insurance for not having 20% is peanuts compared to what you potentially can do leveraging your down payment. 

We’re considering whether to do mid-grade updates and rent it soon if we can find a good next property though acquisition and ongoing costs are a problem.

You lose because there are many other suckers out there falling for the same line and sharing the same low-quality leads that don't translate into sales.Do the math.

Low or no down, seller financing and low or no interest with a balloon payment later is the holy grail (location, building condition, market also matter but it sounds like you have all that).

Yes, Spain has a wealth tax but it's above €2 million taxable income and the rate is low so it's not going to kill you.3.

I would strongly consider building equity to make a stronger down payment and further decrease your monthly cost. 

.- Stock market opportunity cost: If the brokerage account has strong holdings, consider if the return potential justifies cashing out now.Given the current market dynamics and your goals, reallocating your brokerage funds into a multifamily property in Rochester could provide substantial benefits.