As far as I know, your assumptions about the tax implications are correct for non residents, it was one of the main factors that stopped the idea of investing in Spain for me.

I don't see much waterfront in that price range of 650k or under.

I'm not making a 100% emotional decision, but it is a factor.

Hi @Emily Gowen,It sounds like you've really put a lot of thought into this, and you're weighing all the right factors.

Additionally, are there any other factors I should be considering when purchasing a duplex or triplex?

It can range from simple touch-ups to more extensive setups, depending on your needs and budget.How Does It Help Me Sell My House?

I've included an example below to help illustrate this.So different lenders have different rates (which do vary even for DSCR loans) but these are factors they all consider.See example below:DSCR < 1Principal + Interest = $1,700Taxes = $350, Insurance = $100, Association Dues = $50Total PITIA = $2200Rent = $2000DSCR = Rent/PITIA = 2000/2200 = 0.91Since the DSCR is 0.91, we know the expenses are greater than the income of the property.DSCR >1Principal + Interest = $1,500Taxes = $250, Insurance = $100, Association Dues = $25Total PITIA = $1875 Rent = $2300DSCR = Rent/PITIA = 2300/1875 = 1.23If a purchase, you also generally need reserves / savings to show you have 3-6 month payments of PITIA (principal / interest (mortgage payment), property taxes and insurance and HOA (if applicable).

The mismatch in bed/bath count and the existing septic system capacity are important factors to consider.

There are some pockets in this lower price range but they are hard to find and sellers won't let them go for the price you want often. 

There was positive population growth, medium home price growth, low unemployment, good rent to home ratios, and low crime, all of which are factors when I start looking into an area to invest in.