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Apparently it is possible to lose money when buying real estate with negative income!
I believe the stability of a town and prosperity of the villages and number of caravans, etc. affects the rent income of landowners.
My advice is to buy land in a nice peaceful corner of the map; personally, I found the Rhodok towns to be very profitable.
I've experienced the former a few times on my own, with Shariz getting repeatedly recaptured in a Rhodok-Sarrinid war. If this is similar to your situation then you should either try helping the city recover or sell off some land so you pay less maintenance. If the latter case, then just sell the land. Eventually the market will abandon it and the amount of land will return to a more optimal amount.