Original White Rock guide: 27 February 2024. Recovered and updated edition: 28 October 2026.
1. Define the property and the question
Specify the actual condo, location, condition, delivery status and intended use. “Tulum” is not a single interchangeable rental market. A town-center unit, a different neighborhood and a managed community may have different access, competition and costs. Tulum Country Club is a specific community, not a synonym for every condo advertised in Tulum.
Then choose the question: annual rental income, operating yield, return on your cash or the result after a future sale. The same property can produce different answers under these definitions. Keep the time horizon and whether the calculation is before or after financing and tax visible.
2. Record the entire acquisition and setup budget
Use the contractual price and a property-specific acquisition estimate, including applicable taxes, registry charges, notarial work and any bank-trust costs. Add inspection, fit-out, furniture and the work needed before occupancy where relevant. Keep the documented area and what is included consistent across the listing, contract and model.
Separate an operating expense from capital committed or a reserve that has not yet been spent. State the currency of each payment and conversion assumption. A generic “closing percentage” or a price from a different unit cannot substitute for a dated budget for the actual purchase.
3. Use collected rent and permitted operation
Request comparable operating records where available, with dates, occupied nights, discounts, cancellations and fees. An advertised nightly rate is not annual revenue. DataTur hotel occupancy can describe tourism context within its coverage, but it is not proof of the occupancy or rent of your condo.
Check the current condominium rental rules and other applicable operating requirements. Confirm whether short stays are allowed and what management arrangement is required. A property being visible on a booking platform does not establish permission to operate it or guarantee that the same arrangement transfers to a new owner.
4. Separate the return measures
Use a monthly schedule so seasonality, collection dates and operating gaps remain visible. Reconcile rent collected and expenses instead of combining a high-season rate with year-round occupancy. The table defines useful measures without assuming a purchase price, rental rate or result for a listed unit.
Net operating income normally excludes financing and owner-level income tax in the definition used here. Cash available to the owner then needs the appropriate debt, tax and capital adjustments. State your definition and obtain accounting review so expenses and reserves are not omitted or counted twice.
| Measure | Calculation or input |
|---|---|
| Gross rental yield | Annual rent collected divided by the purchase price; operating costs are not deducted. |
| Net operating yield | Annual rent collected less operating expenses, divided by the defined acquisition and setup cost. |
| Cash return | The defined annual cash flow after financing divided by cash actually invested; state tax and capital treatment. |
| Total investment result | Dated cash flows plus a separate net-sale assumption, with acquisition, operation and exit costs reconciled. |
5. Test the downside and keep appreciation separate
Test lower collected rent, more vacancy, repairs, special condominium assessments and a delayed opening. If financed, include the payment calendar and the cost of carrying the property before it earns income. Keep a reserve for the scenario you can actually afford rather than the scenario needed to make a sales forecast look attractive.
A future sale requires its own price, timing and cost assumptions. SHF housing indicators are not a guarantee of a Tulum condo’s resale value. Do not add an assumed appreciation percentage to rental yield and label the sum a guaranteed annual ROI; cash timing, leverage and exit costs change the result.
6. Ask for the inputs before requesting a forecast
A useful file includes the dated price and availability, contract, delivery and area details, condominium budget, rental rules, actual operating evidence where available and acquisition estimate. An attractive projected percentage without these inputs is not an audited return. Mark unsupported inputs as missing rather than filling them with market slogans.
Use the inquiry form to explain your intended use, budget and timing and ask which documents can be supplied. If your comparison also includes Tulum Country Club, review that separate market guide with separate assumptions. This article remains a guide to evaluating Tulum condos, not a claim that the two inventories are equivalent.