A 188m² Castropol three-bedroom at 4.26M COP per m², with the views Castropol is named for.

5

188m² 3 BR is structurally the wrong size for MTR. Medellín's professional and digital nomad tenants concentrate in 1 BR and 2 BR. The 3 BR pool is thin (families, executive relocations) with longer voids between tenants. At 75 to 88% achievable occupancy and $2,400 to $3,000 USD monthly rent, net yields land 3.6% to 4.3% post-tax with negative-to-flat 3-year IRR against an all-in basis of approximately $267K. Castropol's RPH almost certainly bans STR, which would have been the only configuration where 188m² 3 BR commands premium pricing ($400 to $600 USD per night for family or group rentals). If a buyer verifies STR is permitted in writing, the rental thesis flips entirely. Flag this as the key due diligence question before assuming MTR.

• ▴MTR economics do not pencil.

  188m² 3BR is wrong size for the Medellín MTR tenant pool. Tenants concentrate in 1BR/2BR.

• ▴Exit cap exceeds going-in cap.

  Exit cap (7.5%) exceeds going-in cap (3.3%) in the low band. Cap rate compression destroys value at exit unless appreciation compensates.

• ▴STR likely banned by RPH.

  Castropol's RPH almost certainly bans STR. Verify in writing before assuming nightly-rental upside.

• ▴Exit liquidity thinner than Provenza.

  1990s build stock means a smaller buyer pool than Provenza or Lleras at the same size.