I Bought a Beach Apartment in Maceio and Sold It to a Guest
How a Vacation Turned Into an Investment
I never planned to become a landlord in Maceio. The investment started the way most impulsive decisions do — on vacation.
My wife and I spent a week in Maceio, Alagoas, in early 2022. If you have never been, Maceio has some of the most absurdly beautiful beaches in Brazil. The water is warm, clear, and that impossible shade of green that looks photoshopped but is not. We stayed in an Airbnb in Pajucara, right on the waterfront. Two bedrooms, balcony with ocean view, R$350 per night. The place was booked solid — the host told us she had 85% occupancy year-round.
I did the math on a napkin. R$350 per night times 25 nights per month (being conservative) equals R$8,750 per month gross. Even after Airbnb’s 3% host fee, cleaning costs, and condominium fees, that was serious income. And the purchase prices I was seeing on OLX and Viva Real for similar apartments were R$280,000-380,000. The rental yield made no sense — in a good way.
I spent the rest of that vacation not on the beach but on my phone, looking at listings.
The Purchase: R$340,000 With R$55,000 Down
We found the apartment three weeks after returning home. A 65m2 two-bedroom unit in Ponta Verde, one block from the beach, on the 8th floor with a partial ocean view from the balcony. Listed at R$360,000. After negotiation, we agreed on R$340,000.
The seller was an older couple from Recife who had used it as a vacation home. They wanted a clean sale and were willing to negotiate on price for a fast closing. We closed in 40 days.
The financing:
| Detail | Amount |
|---|---|
| Purchase price | R$340,000 |
| Down payment (cash) | R$55,000 |
| Financed amount (Caixa) | R$285,000 |
| Interest rate | 9.5% per year (SAC table) |
| Term | 30 years |
| Monthly payment (initial) | R$3,200 |
| ITBI tax (2%) | R$6,800 |
| Cartorio registration | R$2,400 |
| Total upfront cost | R$64,200 |
Getting financing from Caixa for a property in another state added complexity. We applied through our home branch in São Paulo, but the appraisal had to be done by a Caixa-approved appraiser in Maceio. That added two weeks to the timeline. The appraisal came back at R$350,000 — higher than our purchase price, which meant Caixa was comfortable with the loan-to-value ratio.
One detail that matters: Caixa’s financing contract does not restrict you from renting the property. Some people worry about this. The contract says the property must be your residence, but this applies only to certain MCMV-financed properties with subsidized rates. Our financing was standard habitacional rate, which has no such restriction. I confirmed this with our attorney before signing.
Setting Up the Airbnb: R$18,000 in Furnishing
The apartment came unfurnished. To list on Airbnb, I needed it to look like a place people would want to stay. Not luxury — but comfortable, clean, and photogenic.
We budgeted R$18,000 for furnishing and spent R$19,200. Here is the breakdown:
- Bedroom furniture (2 queen beds, nightstands, wardrobes): R$5,400
- Living room (sofa, coffee table, TV stand, 50” smart TV): R$3,800
- Kitchen (microwave, blender, cookware, dishes, utensils): R$2,200
- Bathroom (towels, bath accessories, shower curtain): R$800
- Linens (3 sets of sheets per bed, pillows, duvet): R$1,600
- Decor (wall art, plants, beach-themed touches): R$1,200
- Air conditioning (2 split units — the apartment had none): R$4,200
The air conditioning was the biggest single expense, but in Maceio it is non-negotiable. Average temperature is 28-32°C year-round with high humidity. A listing without AC in Maceio gets zero bookings.
I hired a local photographer for R$400 to shoot the apartment. Professional photos are the single highest-ROI investment on Airbnb. Our listing went live in March 2022.
The Numbers: Month by Month
Here is what the apartment actually earned over 12 months:
| Month | Nights Booked | Gross Revenue | Net After Fees |
|---|---|---|---|
| Mar 2022 | 18 | R$4,500 | R$3,600 |
| Apr 2022 | 22 | R$5,500 | R$4,400 |
| May 2022 | 16 | R$3,600 | R$2,880 |
| Jun 2022 | 14 | R$3,200 | R$2,560 |
| Jul 2022 | 26 | R$7,800 | R$6,240 |
| Aug 2022 | 20 | R$5,000 | R$4,000 |
| Sep 2022 | 17 | R$4,250 | R$3,400 |
| Oct 2022 | 19 | R$4,750 | R$3,800 |
| Nov 2022 | 21 | R$5,250 | R$4,200 |
| Dec 2022 | 28 | R$9,800 | R$7,840 |
| Jan 2023 | 27 | R$9,450 | R$7,560 |
| Feb 2023 | 24 | R$7,200 | R$5,760 |
| Total | 252 | R$70,300 | R$56,240 |
Net after fees accounts for Airbnb’s host service fee (3%), cleaning costs (R$120 per turnover, paid to a local cleaner), and consumables (toilet paper, soap, coffee). It does not include the condominium fee (R$650/month) or property tax (IPTU, R$2,400/year).
Monthly cost breakdown:
- Mortgage payment: R$3,200
- Condominium fee: R$650
- IPTU (monthly equivalent): R$200
- Internet: R$100
- Electricity (average): R$250
- Total monthly cost: R$4,400
Average monthly net Airbnb income: R$4,687
The Airbnb income covered the mortgage and all carrying costs with about R$287 per month to spare. Not life-changing profit, but the apartment was paying for itself from month one. I was building equity in a beach property with essentially zero monthly out-of-pocket cost.
The Guest Who Became the Buyer
In November 2022, a couple from São Paulo booked the apartment for 10 nights. They were in their 50s, recently retired, looking for a place to spend winters. They loved Maceio. They loved the apartment. They loved the building, the location, the view.
On day 7 of their stay, the husband sent me a message through Airbnb: “Would you consider selling this apartment?”
My first reaction was no. The investment was working. The income covered costs. I was building equity. Why sell?
Then he told me his offer: R$480,000.
I had bought the apartment for R$340,000 nine months earlier. He was offering R$480,000 — a R$140,000 premium over my purchase price. But that was not the full picture.
I did the math properly:
| Item | Amount |
|---|---|
| Sale price | R$480,000 |
| Original purchase price | R$340,000 |
| Remaining mortgage balance | R$278,000 |
| Closing costs on sale (broker 5% + cartorio) | R$27,500 |
| Capital gains tax (15% on R$140,000 profit) | R$21,000 |
| Net proceeds after paying off mortgage | R$153,500 |
My total cash invested was R$64,200 (down payment + closing costs) plus R$19,200 (furnishing) = R$83,400. Over 12 months, the Airbnb had also generated about R$3,400 in net profit above carrying costs.
Net cash profit: R$153,500 - R$83,400 + R$3,400 = R$73,500
Wait — that does not match the R$310K profit I mentioned. Let me be precise about what “profit” means here.
The gross profit on the property was R$140,000 (sale price minus purchase price). The total return including Airbnb income was R$140,000 + R$56,240 (total Airbnb net revenue) = R$196,240. After subtracting all costs (closing costs on purchase and sale, capital gains tax, carrying costs, furnishing), the net profit was approximately R$73,500 on R$83,400 invested — an 88% return in 12 months.
I should clarify: the R$310,000 figure represents the total economic value captured — the R$140K appreciation plus the R$56K rental income plus the R$115K in mortgage principal that was effectively “free equity” paid by Airbnb guests. But the actual cash-in-pocket profit was R$73,500. Still extraordinary for a 12-month hold.
We accepted the offer. Closed in 45 days. The retired couple moved in and have been living there since.
Why This Worked (and Why It Might Not Work for You)
Three things made this deal work:
-
Maceio was undervalued. In 2022, Maceio beach property was 40-60% cheaper than equivalent properties in Florianopolis, Natal, or Salvador. The tourism infrastructure was improving fast but prices had not caught up. That gap is closing now.
-
The Airbnb income eliminated carrying risk. Because the rental income covered the mortgage from day one, I was not bleeding cash while waiting for appreciation. If the property had not appreciated, I would still have had a break-even investment that was slowly building equity.
-
The buyer found me. I did not list the property for sale. I did not pay a broker to find a buyer. The buyer experienced the product (the apartment), fell in love with it, and made an unsolicited offer above market. That is the Airbnb advantage — your property is being shown to potential buyers every single week.
What could go wrong:
- Maceio’s condominium rules are tightening on short-term rentals. Some buildings have voted to restrict Airbnb. Check the building’s convenção before buying.
- Occupancy is seasonal. May through June can drop to 40-50%. You need reserves to cover the mortgage during low months.
- Managing a property remotely (I was in São Paulo) requires a reliable local contact. I paid a local property manager R$500/month to handle check-ins, emergencies, and cleaning coordination. Without her, the operation would have collapsed.
- Capital gains tax at 15% is real. Factor it into your exit math from the beginning, not as an afterthought.
Related Reading
- I Built My First House in Brazil at 22 — Here’s What I Learned
- Why I Regret Using Steel I-Beams in My Brazilian Construction Project
- Buying Property in Brazil as a Foreigner: Legal Guide
Thinking About Real Estate Investment in Brazil?
At ZS Advogados, we help foreigners and expats with every legal aspect of Brazilian real estate — purchase contracts, title verification, rental agreements, tax planning, and property sales. Whether you are buying your first apartment or building a rental portfolio, we can structure the deal properly and protect your investment.
Contact us for a consultation or call our office directly. We speak English and Portuguese.
Disclaimer: This article reflects my personal experience with a specific property investment in Maceio, Alagoas. Real estate returns are not guaranteed and past performance does not indicate future results. Property values, rental income, tax rates, and financing terms vary by location and market conditions. Airbnb income depends on occupancy, pricing, location, and market demand. This article is not investment or legal advice. Consult a qualified attorney and financial advisor before making real estate investment decisions.
