BTW, your "criteria" are likely just "rules of thumb" you developed (which is great!)

You need to pay attention to things like rental demand, upcoming developments, and overall area growth potential.

I've lately been working on doing the same in Puerto Vallarta.I'm also working on putting a group of buyers together to do our own developments together with local associates.Have you invested in Mexico yourself?

Probably the most common mistakes made in the development business by non builder property owners.

To help you, we have developed a simple tool for gauging your emotional response to some common aspects of rental ownership.

First off- $4.5M for 48 units and 50% are vacant is not a steal, unless this property is located in a downtown area and you have a contact with a developer who will pay 2X to build a high rise. $93k/unit for 50% vacancy doesn't carry hardly any debt, hence why they are capping you at $500k.

Or they could never get to the latter, because they never had the beginning characteristics which include the former to develop properly. 

Hello Jadan, iam new to this platform, but i know a developer who will give yo a 25% return in nine months.

You can see the development in the area is in full swing.

(No, I didn't develop this one, either).Guess what?