As others mentioned can you afford the negative cash flow?

For example, Southern Spain tends to be more affordable than the north, especially if you look at rural areas or small villages.

However, with the disclaimer above, I'll, for entertainment purposes only, provide some thoughts on rents in the US for the next few years. 

A lot of investors based in markets like California and New York are choosing to purchase their investments OOS in the Midwest because of the affordability and numbers making more sense.

Odds are your newer builds are on the outskirts of a city into the suburbs where people fight to get a property if it’s affordable.

Property TypeUnderstand the different types of multifamily properties:High-Rise: 9+ floors with an elevator, often urban.Mid-Rise: Smaller than high-rise, usually with elevators.Garden-Style: Low-rise apartments in suburban or rural settings.Walk-Up: 4–6 stories without elevators.Manufactured Housing Communities: Mobile home parks where land is leased to homeowners.Special-Purpose Housing:Student Housing: Designed for college students.Senior Housing: Dedicated to older adults.Subsidized Housing: Affordable housing supported by rent and income restrictions.3.

Quote from @Lorraine Hadden: I have client who are try to wait for interest rates to come down rather than buying what they can afford for the best rate and hold.

If they cannot afford it then talk to the bank about a short sale or let it go to foreclosure.

The taxes and affordable insurances also help the cash flow on top of normal to above market rents in some neighborhoods.

You could live in one unit and rent out the others to offset your mortgage, staying within your $4,500/month affordability limit.