I really enjoyed the overnight trek from Leon to Volcan Telica--using a great org of volunteers called Quetzaltrekkers, which donates the fees to a local street kids program. However, you don't have enough time scheduled for it...you would need about 3 days in the area. One day to see Leon itself, then the next day you meet @ 6AM, spend the night on the volcano, and get back to Leon around 2-3pm the third day. It's possible to get to Granada or a nearby beach the same evening, if you want to shuffle things around.

Thanks everyone!
We've decided it's too expensive for us to do the Corn Islands, so here's the new plan:
Day 1 - 3, Granada, Day 1 afternoon in city (we wont get there till 2pm), Day 2 and 3 day trips out of city
Day 4, Ometepe
Day 5 and 6, Miraflore Reserve (how long does it take to get here from Granada? Is it difficult?
Day7, Leon in afternoon, Day 8 day trip to Cerro Negro (?) or other Volcano and return to Leon for night (or perhaps do a day trip to one of the beaches. Is it worth it to do Cerro Negro if we do Mombacho / Volcano outside of Granada?) We're from New England in the US, and quite used to very cold water, so we're not too worried about that!
Day 9, travel back to Managua in am for 2:30 flight
Does this sound doable? Any comments / advice?
I'm thinking of staying in Bohemian Paradise in Granada. They seem nice, and relatively affordable. Was planning on Hotel Oasis but the reviews on Trip Advisor were awful! Thinking of El Canto on Ometepe, and Posada __ ?_ at Miraflore. Not sure re: Leon...

@ Chriscan: really? I've read that San Juan del Sur is dirty and crowded and not worth the trip??

If this looks like too much, what do you all think re: just doing Granada, w/ day trips out, Ometepe, and then Miraflore? The only thing is getting back to Managua for the flight home. Would prob need to stay somewhere closer to airport the night before - Mayasa?
Al of Nicaragua is dirty. If you want the wildness of Nicaragua but to be clean and civilized, go to Colombia.
San Juan Del Sur is most people's favorite in Nicaragua but most do go to the bank in their bare feet.
I actually thought it was much cleaner than the rest of Nicaragua but hey I'm just calling it as I see it. I will never go back to Nicaragua without going to San Juan del Sur. I even have a good friend living in Matagalpa but if I only had a week, I probably would tell him that he has to go to San Juan del sur to see me. Matagalpa is one of the best cities in central america if you like things a little rough and wild though.
Miraflor is a long way from Granada.
You can get there easier from Matagalpa!
The town of Matagalpa is a cowpoke town, nothing to see or do there, you go there to visit the coffee growing areas and forests like Selva Negra!~
Volcan Masaya is way more impressive than Cerro Negra IMO, also its hot as hell on that hike!
if you go at night what do you see??
And its quite a trek!!
Onetepe for a day??

Hey there,
We also hail from the New England area, early 30's and just got back from a ten day trip to Nica.
We spent the first 3 days in Granada and did day trips from there...then we went to Ometepe, we had planned to do 2 days there and ended up staying four ...this island is just magical and special...don't cheat yourselves by just going for a day. There's a ton of outdoor activities...you won't be bored.
We finished up in San Juan del Sur...it's an alright place but not great. It's a gritty sort of college spring-break, boozy atmosphere...lots of gringos... We still had a fun time but if we truly understood what sjds was going to be like...we would have went somewhere else for the last few days.
Hope this helps
SJDS is a good base for nearby beaches!!!!
If you're heading north to Esteli/ Miraflor you can go to Las Penitas on the way back via Leon.
An express- UCA- bus from Leon to Managua is about 2 hours, US2.