The government of Costa Rica has a policy to limit development and doesn't invest much in infrastructure to bring tourism.

When I'm looking at potential opportunity, price isn't that big of a factor.

And they execute their investment strategy/model (develop, resell, hold, etc.) effectively to generate a return and/or equity and make a living.

The macroeconomics are on fire here - population growth, job growth, and companies moving and developing here.

We develop and consult new developers through the full cycle of development.Financing differs from project to project based on your equity, land cost, construction methods, etc.

The area is rich in history and culture, and with ongoing investment and development in the neighborhood.

Location and amenities are the two most important factors that bring potential renters to an STR. 

I've included an example below to help illustrate this.So different lenders have different rates (which do vary even for DSCR loans) but these are factors they all consider.See example below:DSCR < 1Principal + Interest = $1,700Taxes = $350, Insurance = $100, Association Dues = $50Total PITIA = $2200Rent = $2000DSCR = Rent/PITIA = 2000/2200 = 0.91Since the DSCR is 0.91, we know the expenses are greater than the income of the property.DSCR >1Principal + Interest = $1,500Taxes = $250, Insurance = $100, Association Dues = $25Total PITIA = $1875 Rent = $2300DSCR = Rent/PITIA = 2300/1875 = 1.23If a purchase, you also generally need reserves / savings to show you have 3-6 month payments of PITIA (principal / interest (mortgage payment), property taxes and insurance and HOA (if applicable).

Building small units in small counts is expensive development.  

Now if your thinking location jumps out as a big factor to all this, you hit the nail on the head, location location LOCATION.