Ludwig Portfolio

Middlebrook Retreat

2026 Performance Dashboard

Projections based on $393 average nightly rate (with cleaning)

Last Updated: Apr 1, 2026

Executive Summary

2024 Revenue

$18,285

First full year (partial)

+310%

2025 Revenue

$74,931

Breakout growth year

-2%

2026 Projected

$73,157

At 51% occupancy

2026 Booked

$29,330

22 bookings confirmed

Cash Flow Analysis

Projected Revenue

$73,157

Annual Expenses

$89,441

Net Cash Flow

-$16,284

At 49% vacancy rate, expenses exceed revenue. Each additional booking reduces the shortfall.

Owner Contribution Required

High fixed costs ($89K annually) require consistent occupancy to break even. Current vacancy rate creates a funding gap.

2026 Owner Contribution

$16,284

$1,357/month average

Break-Even Occupancy

62%

227 nights needed (vs 186 projected)

✓ Each additional booking at $393/night reduces owner contribution

Property Details
Middlebrook Retreat

Address

110 N 36th St

Cumming, IA 50061

Legal Entity

Middlebrook Retreat LLC

EIN: 39-4417127

Financial Position

Property Value

$560,000

Purchased: $536,797

Mortgage Balance

$532,500

Lincoln Savings Bank

Net Equity

$27,500

4.9%

Monthly Mortgage

$3,771.49

Interest Rate

6.875%

Property Type
Single Family

Short-Term Rental

HOA
Great Western Crossing

(515) 334-3345 | $62.50/mo

Mailing Address
12119 Stratford Drive, Suite B

Clive, IA 50325

Booking Calendar

January

4 bookings

Jan 5-8, Jan 17-19, Jan 22-24, Jan 24-26

Revenue$2,678

February

1 booking

Feb 5-7 (TBD)

Revenue$3,700

March

0 bookings

No bookings yet

Revenue$0

April

1 booking

Apr TBD

Revenue$1,855

May

1 booking

May 15-18

Revenue$1,352

June

2 bookings

Jun 5-10, Jun 25-29

Revenue$3,190

July

1 booking

Jul TBD

Revenue$3,538

August

0 bookings

No bookings yet

Revenue$0

September

1 booking

Sep TBD

Revenue$6,066

October

1 booking

Oct TBD

Revenue$1,950

November

1 booking

Nov TBD

Revenue$5,001

December

0 bookings

No bookings yet

Revenue$0

2026 Financial Roadmap

2026 Financial Timeline
Key milestones and cash flow events throughout the year
Q1

January - March

Slow season - limited bookings expected

Owner support likely needed for operating expenses

Q2

April - May

Spring pickup - booking momentum building

Property tax installment due

Q2-3

June - August (Peak Season)

Strong positive cash flow expected

Projected: $18,500+ revenue

Q4

September - December

Fall stability, holiday bookings

Insurance renewal (December)

Strategy & Outlook

Current Status

Strong 2025 Performance

$74,931 revenue - 4x growth from first year

22 Bookings Confirmed

$29,330 already booked for 2026

High Fixed Costs

$89K annual expenses require 62% occupancy to break even

Path to Profitability

Increase Occupancy

Target 62%+ (227 nights) to break even

Optimize Pricing

Dynamic pricing for peak/off-peak seasons

Reduce Vacancy

Each additional night at $393 reduces shortfall

Bottom Line

2025 showed strong growth potential

High fixed costs require 62% occupancy

$16,284 owner contribution projected for 2026

Each booking reduces the shortfall