Is it possible to keep my land loan out of it to keep the total cost low?

Total Investment: $297K; ROI: 25%/year; 10-year equity: $1.5M.

My tenants, who have been in the property for close to three years, have become totally unresponsive.

Hre are the key things to knowWhat you are bidding on - often oddball properties that are hard to identify and have little value are auctioned offThe true as is value of the property, The tax assessment can be way higher or way lower than the true as is valueThe local laws and how they affet your total costs and returns

As @Mike Lambert mentioned the Southern Italy market where you are at is a totally different market than the rest of Europe and even within Italy.  

Assuming property taxes + insurance added don't go above $1,100 total, you could maybe make this work. 

Investment: $200K; ROI: 26.29%/year; 10-year equity: $1.1M; Total cash return: $1.2M. 10-year equity multiple: 8x on $200K investment.

We were getting a total of $2,700 per month for both of those renters combined.When my wife and I moved out of the house, our first 2 years of owning it we were bleeding money on the home.

Some great information here and totally agree with it .

With some more math, you’ll see that the extra amount in dollars is not that much compared to the total amount of interest paid.