I spent 6 months on Mallorca, living west of Palma de Mallorca. Lot's of ex-pats so you can usually get by in English. You'll need Spanish for dealing with government or the phone company (no English there). Banks and most larger business usually have someone who speaks English.
Rents are reasonable as long as you don't expect to live on the beach. But you're always near a beach since your on an island. Check out
http://www.thinkspain.com/properties...in/4/4/54/4930 for a better idea.