One of the first things you need to do (if you have a license) is rent a motorcycle and make your way around the island. Make sure you have 8-10 hours of free time on your plate. While the island isn’t very big, the roads are a bit iffy in spots and you can’t go as fast as you think you can.
Head out to one of the many kiosks in in Moyogalpa (I’m sure they are around in the other tourist places) and if you’re lucky, you will be able to bargain them down to a more reasonable price. There are a million things to see on Isla de Ometepe (thus the bike). One of the big locations on the tourist map is the natural mineral cold spring in the middle of both volcanoes, or Ojo de Agua. It is a must do for sure on those hot, sticky, Nicaraguan days.
Just think – not only are you cooling yourself off after your long, dusty ride, but you are giving yourself a cold mineral bath. The sulfur content in the water is extremely high due to the neighboring volcanoes making for a nice swim AND you come out with glowing skin. How can a girl go wrong with that. I’m always down for a cheap spa treatment while backpacking on a budget.