One thing you need to consider is how long the "season" is. For example, Croatia is quite hard to get to outside of the popular school holiday season, so you would be unlikely to attract off-peakers like the retired or those who go for specific things like bird watching, walking etc. It implies that your season would be quite short and the yield quite low.

The other thing to watch for is just exactly why prices are low. Bulgaria and Turkey may have their attractions, but you may well have to wait for the places to fully develop. Most of the low priced developments are in new areas with little infrastucture. You will find that the really nice stuff is already priced closely equivalent to the lesser places in Spain, Greek Islands etc. Do you really want the risk of hoping the place you choose will actually make it to good rental returns? From the other things you say, my guess is no.

For my part, I am only interested in places where there is no speculation - just don't expect sky high yields - leave the "opportunities" for the speculators. Also, if you want to use it yourself for any length of time, pick a place where you know you will enjoy being, otherwise you will tend not to go there at all.

At the end of the day, it's probably not really worth it from a financial standpoint, but I'm only here once so intend to enjoy whatever life I've got left.

My advice? - Italy. No prizes for guessing why!

cheers, Terry