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We discuss the phenomenological viability of string multi-Higgs doubletmodels, namely a scenario of heterotic $Z_3$ orbifolds with two Wilson lines,which naturally predicts three supersymmetric families of matter and Higgsfields. We study the orbifold parameter space, and discuss the compatibility ofthe predicted Yukawa couplings with current experimental data. We address theimplications of tree-level flavour changing neutral processes in constrainingthe Higgs sector of the model, finding that viable scenarios can be obtainedfor a reasonably light Higgs spectrum. We also take into account the tree-levelcontributions to indirect CP violation, showing that the experimental value of$\epsilon_K$ can be accommodated in the present framework.Comment: 31 pages, 12 figures. Comments and references added. Final version to  be published in JHE

Phenomenological viability of orbifold models with three Higgs families