A veteran, French Puerto Varas hostel owner runs this rustic choice, completely renovated and homey for this price range. The six-room home is filled with a throwback vibe – all under the nose of super Osorno and Calbuco views. You're a bit isolated out this way without a car, but that's part of the appeal.
You can trek the latter volcano direct from the front door and home-cooked dinners run from CH$15,000.