A real underwriting sheet for a Rio apartment or villa — short-stay rental, long-let, or both at once. IRR and equity multiple in three currencies, with the BRL/USD curve modelled separately. Sliders move, numbers re-run.
Four inputs. Cap rate, gross yield, and monthly cash flow in your active currency. No financing, no exit — just the operating yield on day one.
At a 5.1% cap rate on a R$ 3M Rio property, you net roughly US$ 2,500 per month before tax and financing. For the full picture — appreciation, exit, IRR — switch to .
Active currency follows the header switcher. Move the sliders; everything below re-runs live.
| Year | Gross income | Op. expenses | NOI | Debt service | Net cash flow | Cumulative cash | Property value |
|---|
| Programme | Year-1 NOI | Cap rate | Year-1 CoC | 10-yr IRR (BRL) | 10-yr IRR (USD) | Equity multiple | Total return |
|---|---|---|---|---|---|---|---|
| Short-stay (Airbnb) | US$ 30,000 | 5.1% | 4.8% | 12.6% | 8.4% | 2.1× | 112% |
| Long-term let | US$ 24,000 | 4.1% | 3.9% | 11.4% | 7.3% | 1.9× | 94% |
Short-stay wins by 1.1 points of USD-IRR on these inputs. Short-stay carries more operating risk (occupancy variance, guest turnover, regulatory shift); long-let is the lower-volatility floor.
If you're moving to Rio (or already here), should you keep renting or buy outright? This compares the wealth you'd have in ten years under each path — including the opportunity cost of the cash you'd lock into an apartment.
We assume you'd otherwise invest the purchase price at the return rate to your left, and pay rent out of that. The owner pays cash for the apartment and gets it back at sale (appreciated, less transaction costs).
| Year | Rent paid (yr) | Renter cash + invest | Renter NET wealth | Property value | Owner costs (cum.) | Owner NET wealth | Delta (buy − rent) |
|---|
On these inputs, buying leaves you roughly US$ 0 wealthier after 10 years, with the crossover happening in year 4. Move the sliders to test your own numbers.
The calculator runs a full discounted cash-flow on a ten-year hold, then reports four numbers most buyers actually care about: the internal rate of return in BRL, the same IRR re-expressed in USD after the currency curve, the equity multiple (how many times your cash returns over the period), and the first-year cash-on-cash. Cap rate and gross yield are shown as sanity checks — they're how Brazilian brokers usually quote, but neither captures appreciation, financing or exit, which is why IRR is the honest answer.
Two things the model deliberately leaves out, because they distort comparisons more than they help: depreciation tax shields (Brazil doesn't treat residential real estate the way the IRS does in the US, so the shield is small and complicated), and refinance scenarios (most foreign buyers in Rio are cash; financing is modelled as a single fixed-rate loan held to exit). If either matters for your structure, the calculator is the starting point of the conversation, not the end.
This is a model, not advice. The defaults are real numbers we underwrite to, but every Rio property is its own deal — the condomínio's short-stay rules, the building's occupancy track record, the IPTU bracket, what the comparable sales actually traded at. We're happy to run this on a specific apartment with proper inputs. Start a conversation.