I've spent the last few years operating in the Miraflores market in Lima, Peru, and I wanted to share a breakdown of the numbers for anyone looking at South American STR (Short-Term Rental) markets.

I’m currently preparing to relocate back to the States (Orlando) for a new role, so I’m wrapping up my operations here, but the data from this 4-bedroom condo has been eye-opening compared to what I’m seeing in the U.S. right now.

The Property & Acquisition

• Asset: 4-Bedroom Condo, Miraflores (walking distance to the Malecón).
• Purchase Price: $275,000 (Cash transaction).
• Strategy: High-occupancy Airbnb catering to large groups and digital nomad families.

The Financials (Annualized)

• Gross Revenue: $38,100
• Operating Expenses (HOA, Taxes, Utilities, Management): ~$4,000
• Net Operating Income (NOI): $34,100
• Net ROI / Cap Rate: 12.4%

Key Takeaways from the Lima Market:

1. Safety & Demand: Miraflores is a unique "bubble." It has its own 24/7 security force (Serenazgo), making it feel safer than many major U.S. metros. This drives consistent tourist demand.
2. The 4-Bedroom Edge: Most inventory in Lima is 1-2 bedrooms. By holding a 4-bedroom unit, I’ve been able to capture a higher nightly rate with less competition.
3. Low Holding Costs: Property taxes in Peru are remarkably low, and labor for maintenance/cleaning is affordable, which keeps the margins wide.
4. The Cash Constraint: The biggest hurdle here is financing. Unless you have Peruvian income, you are looking at a 100% cash play.

As I transition back to Florida, I’m looking at how to replicate these yields in the Orlando market—though it’s proving difficult to find anything close to 12% net without significant rehab.

I’m happy to answer any questions about the legalities of buying in Peru or the specifics of the Miraflores STR market for those looking at international diversification!