The answer is clear: allowing full renovations without mandating sprinklers results in a far safer building than one that undergoes only superficial updates.Furthermore, requiring sprinklers in more buildings will likely increase costs even further.

May have to increase your budget to 550k range tho. 

If you just want consistent distributions over the long-haul, you may want a more stable deal with a longer horizon, even though that may mean giving up the 20% return possibility.

Tenants lease expired, so I offered a new lease with a $25 increase. 

Last year was back to earth; a glut of available properties drove the rates down for everyone and a drop in visitors also increased vacancies.

With its robust legal framework, consistent economic performance, and favorable interest rates, Germany stands out as a top investment destination for foreigners.

You might make it work if you can find a way to increase cash flow aside from the basic long term rental strategy. 

Every month the one water bill comes in consistently $40 higher than the other unit.

All of these small details can increase value and bring buyers for zero dollars. 

Note that RedFin shows Y/Y January 2025 price declines of 9.71% for all housing but increases of 2.8% in single-family homes.