You can't compete against the all-inclusives unless you offer complimentary food and booze or you're cheap, as you seem to be confirming.This being said:1) Properties in Mexico/Cancun trade in USD so you have no foreign exchange risk in Mexico while properties in Colombia are traded in COP, the Colombian peso, which has been tanking over the years, eliminating any hope for capital gains for American investors.2) You can get a mortgage in Mexico but you can't in Colombia so even with lower revenue, Cancun would likely still be more profitable, even if you don't take capital gains into account.3) The political risk is much higher in Colombia, especially at this present time.Is Cartagena a bad investment?

One example is in one city I only buy for cash and do not cash out refi as the houses are cheap and the rent is high.

In particular, OO does not have vacancy or PM and typically has cheaper maintenance/cap ex than the landlord would experience.https://www.realtor.com/news/trends/its-now-officially-cheap...if you use realistic expenses, purchase at retail (off MLS) without a value add, you will have negative cash flow on virtually any purchase.  

Lots of folks needing a cheap place to live!

Slim chances of success, but cheap and easy to get started. 

@Andrew Steffens I think we've been able to avoid cheap owners by taking on the expense of many of these consumable supplies, which effectively removed them / their spending philosophies from the equation.

Nor cheap. 

This has been discussed alot on here.Some people seem fine with no cable.I have nice vacation rentals and provide an easy way to watch live sports, news etc.I provide cable channels or you tube TV.In my listings I state up front that I provide cable channels because I'm not cheap that if other people won't provide this what else are they cutting corners on?

I know of a very cheap option so let me know if you want the contact.

I second what @Michael Baum says, granite is pretty cheap now, prices have come way down.