Not only for the census ending in 2020 but also the projected population from 2020 to 2025.I agree that population increase is important and should be factored in when analyzing a property. 

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.

If scaling quickly is your goal, DSCR loans are a great tool for the refi portion since there’s no 12 month seasoning requirement like conventional loans, and DTI isn’t a factor. 

Whether these factors outweigh the challenges is a personal decision. 

Market Selection: What factors do you consider when choosing a profitable location?

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).

@Eli Fazzo, Almost every location is going to have some surprises that you just have to factor in when looking at investing in real estate. 

I would be cautious buying in the saturated areas because there are so many similarly sized properties that price is becoming increasingly the deciding factor. 

In evaluating seller financed notes, there is always a balance between redeeming and non-redeeming factors. 

Some other factors to consider - How long are you planning to hold this property?