That’s correct, a foreigner can buy property through a Mexican corporation, which is a great option for those investing in multiple properties or running a rental business.Key Points I'd like to add to your post:Setup Costs: $1,500–$3,000 USD.Ongoing Costs: $1,000–$2,000 USD/year for accounting and tax filings.Benefits: Allows tax deductions for expenses like maintenance, repairs, and management.Best for: Multiple properties or income-generating investments.For a single property for personal use, a fideicomiso is often simpler and more cost-effective due to its lower maintenance requirements and feesUltimately, choosing between a corporation and a fideicomiso comes down to your investment strategy.

My assumption is that the majority of those were subsequently insured with Cal 'Safe' but I have no data to confirm that.

Used houses in the area sell anywhere from $75-125 a square foot.These are long term rentals that I do not plan to sell.I am reading the Rental Property Investing book and implementing the method that focuses on cash flow and that strategy states you need to have $300 cash flow per month, per property.

Recommend talking to your CPA about this strategy. 

Based on the numbers and my strategy, do you think this is a good investment for my first property?

Long-term single or small multifamily rental would be our strategy to go. 

The book on tax strategies for real estate investor by Amanda Han and Matthew Macfarland.I read these two books when I first started investing and found the information very helpful.

There are several hurdles during the process:Find the deal - Unless you are marketing or plugged into a community where there are opportunities, it isn't always easy to find the right dealsEvaluate the deal - Without professional guidance and research tools, it is difficult for a newbie investor to evaluate and ARV/FMV or create an adequate rehab budgetSecondary exit strategies - If things don't go as planned are their other opportunities to exit profitably.

I always look at the exit strategy for the property to determine which kind of Creative Finance I would use.

I'd underwrite the property, with that low interest rate assumable mortgage, to cash flow positively from day 1 as a long-term rental, but be willing and able to use the rent by the room strategy or to rent out part of the property as a Short Term Rental to dramatically increase cash flow during my occupancy.