Bienvenido Amigo!

The oceanfront property at Playa del Soccoro has (08/01/06) been increased to $212.00 per sq. meter

The two documents below are from Playa del Soccoro, a Mexican subdivision located 26 km (16 miles) south of San Quintin. This is 45 to 60 minutes south of our property.  The projects first phase, Desierto Beach, is 55 lots, average 6,500 square feet, furbished with domestic water, sewer, underground electricity, dirt streets and public lights.  This provides for a good comparison because the property is further south (a minus), mostly a rocky beach (a minus) and poorly planned (houses in a row - poor use of common area).  [It is my understanding the developer is going to control the homeowner services (trash, water, security services)  Click on the pictures below to enlarge them.

Front row lots:  Playa del Soccoro - 12 (with no beach clubhouse or pool),  Playa de Arena - 10 (beachfront clubhouse & pool)
Lot size: 54' x 125', (635.25 sq meters) each lot sales for $101,640 ($160.00 per square meter) 
Using the $101,640 for Playa de Arena = $1,016,400

Second row lots:  Playa del Soccoro - 12 lots (2nd story allowed) 52' x 125',  Playa de Arena - 12 lots (single story)
Lot size: 52' x 125',each lot sales for $41,874 ($70.00 per square meter)
Using the $41,874 for Playa de Arena =  at Playa de Arena = $502,488

Third row lots: Playa de Arena: 12 lots, two stories - 12 lots 52' x 125' (598.25 sq. meters) x $40.00 = $287,160

Other lots: 24 lots (598.25 sq. meters) at $10.00 per meter = $143,580

Total = $1,949,628

To be extremely conservative cut $500,000 out of the value and assume $300,000 in improvements over 5 years, closing costs and fees.  The net profit would be $1,149,628 dollars on a $207,000 investment.
 If improvements were $100,000 in the first year and $50,000 years 2-5 ($300,000) and income was $100,000 in year 3, $300,000 in year 4 and $1,549,628 in Year 5 the internal rate of return would be  46%.  (If there was no income till Year 5 the return would be 42%
This is my estimated value calculation.  Change the numbers however, I still think you are going to come up with a remarkable return assuming we can take title.

See Playa de Oro's website (the cheapest lot has 5,000 sq. ft and sells for $40,000)  If we have 55 lots that would be 55 x $40,000 = $2,200,000.