Do they still come with high closing costs?

Keep in mind that a property in Spain on average costs around ~180.000.

My mother gave me a house she bought in 2010, and its value has increased significantly since then.

The costs out way the benefits especially with these higher rates. 

You should literally be talking about peanuts here, water and electric with no one using them shouldn't cost hardly anything.

Everyone seems to talk about including the costs of the new mortgage, taxes, insurance, maintenance & capital reserves, and the vacancy projections when looking at realistic cashflow, which we already do for all the properties in our rental portfolio.But we, like many, cant find properties that are making any cashflow sense right now.

You're going to need 20% down plus closing costs for just about any loan product out there, DSCR included.

The potential risk you're taking on is not worth the cost savings IMO. 

Can you increase the NOI to justify overpaying?

My properties are listed on both, but I keep spreadsheets on "issues" their resolution and how much it cost to resolve them.