From -$501 to $3,072/month.
On a single Memphis rental.
This is the real story of what happens when you hand LPS the keys. No projections. No pro formas. Just 14 months of actual performance data.
Based on actual owner earnings from February 2025 through March 2026.
Average owner earnings per property per month
$1,835
After management fees. After cleaning. After maintenance. After every operating expense. That is what the owner actually deposits from a single Memphis rental under LPS management.
The Ramp: One Property's First 9 Months
Every new STR starts at zero. No reviews. No search ranking. No pricing history. Here is what the first nine months actually looked like for 1635 Delmont Rd, a 2-bed/1-bath home in Memphis purchased for roughly $202,500.
-$501
Month 1
Set up and furnishing
$1,281
Month 2
87% Occupancy
$2,268
Month 4
100% Occupancy
$3,072
Month 9
$114 Nightly Rate
In its very first month, this property lost $501. That is normal. LPS was furnishing the home, shooting professional photos, building the listing, and calibrating the pricing algorithm. The owner did nothing.
By month two, the property was profitable. By month four, it hit 100% occupancy. And by month nine, the nightly rate had climbed from $60 to $114 as five-star reviews stacked up, pushing owner earnings past $3,000 per month on a $202,500 property.
Lifetime owner earnings through March 2026: $29,377.
The total cash invested to acquire, renovate, and furnish this property was roughly $54,000. That is a 54% return on invested capital in 14 months.
And this was not a one-time result. The same pattern played out across every property in the portfolio.
Then It Happened Again
Another property came online ten months later. Same playbook. Same result.
-$659 → +$1,792/mo in 60 days
The 3-bedroom, roughly $190,000 all-in and listed in October 2025. It lost $659 during setup, broke even in its second month, and hit 100% occupancy with $1,792 in owner earnings by month three.
By March 2026, its nightly rate had jumped to $133 as the listing matured. Total owner earnings in five full months: $8,586.
The pattern across all five properties: month one is setup, month two is profitable, and by month three or four the unit is running at or near full occupancy with climbing nightly rates. LPS manages the entire ramp. The owner's job is to wait.
What the Skeptic Wants to Know
You have seen the highlights. Here is what happens when things are not perfect.
"What about the slow months?"
Q1 2026 (the worst quarter) still delivered $28K in owner earnings
January through March is historically the softest quarter for Memphis STRs. The portfolio averaged 82% occupancy and $91 ADR. Summer months typically add 20-40% to both numbers.
"How long until I make money?"
Every property was cash-flow positive within 60-90 days
Month one is always a setup period. That is expected. But across all five properties, the second or third month was profitable. The initial loss is recovered within the first quarter.
"What are the real costs?"
The owner keeps 53 cents of every dollar booked
Owner earnings include management fees, cleaning, maintenance, supplies, and every other operating cost. Fifty-three percent is the actual take-home before debt service, taxes, and insurance.
"What do I actually have to do?"
Nothing. That is the point.
LPS manages everything: listing, pricing, guests, cleaning, maintenance, reporting. The owner of this portfolio has never visited three of the five properties since they went live. Monthly statement. Quarterly distribution. That is it.
And Then There Were Five
One investor. Five Memphis homes. Same playbook applied to each. Here is how every property performed in its first year of LPS management.
*The fifth property came online Oct 2025 (2 producing months) excluded from property cards. Its Q1 2026 run rate matches the portfolio average at $1,763/mo.
Portfolio Total (Feb - Dec 2025)
- $161K Gross Revenue
- $84K Owner Earnings
- 86% Ave Occupancy
- $88 Ave Nightly Rate
2 Bed / 1 Bath
$21,398 Owner Earnings
92% Occupancy
2 Bed / 1 Bath + Gameroom
$19,193 Owner Earnings (Came online March 2025)
87% Occupancy
2 Bed / 1 Bath + Small Office
$19,674 Owner Earnings
82% Occupancy
3 Bed / 1 Bath
$22,911 Owner Earnings
87% Occupancy
Five homes at $171,000 each.
Total cash invested: roughly $249,000.
produced
$112,000 per year in owner earnings.
A $249,000 stock portfolio at historical S&P 500 returns
would generate roughly $25,000 per year.
that is
4.5x the return. In Memphis real estate. With zero owner involvement.
What LPS Handles So You Don't Have To
Listing and Pricing
Professional photography, SEO-optimized listing copy, and dynamic pricing that adjusts nightly based on demand, events, and local competition.
Guest Communication
24/7 guest messaging from initial inquiry through checkout. Automated check-in, mid-stay check-ins, and review management.
Cleaning and Turns
Professional cleaning between every guest with quality inspections. Linen service, supply restocking, and readiness verification.
Monthly Reporting
Full transparency on revenue, expenses, and occupancy. You see exactly where every dollar goes. Quarterly owner distributions.
Maintenance
In-house technicians for 24/7 emergency and scheduled repairs. No third-party labor markups. Preventive maintenance to protect your asset.
Everything Else
Lockbox management, pest control, vendor coordination, compliance monitoring, and every other operational detail.