We bought an asset, then re-engineered it for STR performance

We bought an asset, then re-engineered it for STR performance

A $375K house in Terre Haute, Indiana, and everything we did to turn it into an exceptional short-term rental.

See the finished listing:Book or view the property on Airbnb

After months of acquisition, planning, design, construction, procurement, setup and execution, we have launched our newest Lord OfThe Inns short-term rental in Terre Haute, Indiana. And this one is special.

We didn't just buy a house and furnish it. We bought an asset, and then we re-engineered it for STR performance.

The deal at a glance

1. Purchase price: $375,000
2. Projected revenue potential: $115,000+ per year
3. Projected cash-on-cash return: ~35.7%

When we underwrite STR acquisitions, we typically look for deals that can reach around a 20% projected cash-on-cash return, often on a $500K purchase generating roughly $100K a year in revenue. So when we found a property at just $375K, already largely turnkey, with projected revenue around $115K+ and projected cash-on-cash approaching 36%, it immediately stood out.

Why it stood out

That combination is rare:

1. Lower acquisition basis
2. Strong revenue potential
3. Minimal heavy renovation required
4. Existing quality finishes
5. Significant upside through design and amenities
6. Projected returns well above our normal underwriting benchmark

We negotiated and acquired the home at roughly 25% below competing asking-price levels, starting with an already beautiful turnkey property. That meant instead of spending our energy fixing a distressed house, we could put our capital and creativity into something more valuable: turning a good home into an exceptional STR.

Design and value-add

This is one of our favorite designs and executions to date. We elevated the interiors with new paint schemes, statement wallpaper, crown molding and architectural details, professionally designed bedrooms and gathering spaces, and layouts created for large-group occupancy and guest experience.

But beautiful design alone isn't enough. We asked: how do we make this a property guests choose over everything else in the market?

Experiences, not just amenities

1. A garage converted into a dedicated game room
2. A basement converted into a yoga and fitness space
3. A hot tub
4. An outdoor fire-pit gathering area
5. Golf
6. Life-size chess
7. Coming next: a dedicated stargazing dome
8. Planned before next summer: a swimming pool

The goal isn't simply to keep adding amenities. Every addition is designed around three things: impressions, clicks and booking conversions. When guests are scrolling through dozens of properties, we want them to stop. We want the photography to earn the click, the design and amenities to earn the booking, and the experience to earn the 5-star review.

The underwriting

Our current projections show:

1. $115,968 projected annual revenue
2. $9,664 projected monthly revenue
3. 35.7% projected cash-on-cash return
4. $3,833 projected monthly cash flow
5. 2.71x debt coverage

And we haven't even added the pool yet.

These are projections, not guarantees. They're exactly why we spend so much time on property selection, underwriting, design, occupancy strategy and the amenity plan before a listing ever goes live.

How we work

This project reflects what we've built Lord OfThe Inns around: Acquire, Design, Transform, Launch, Manage, Grow. Finding the property is only the beginning. The real work is figuring out what that property can become.

A huge thank you to everyone on our team who poured countless hours into bringing this one to life.

See it for yourself

Now the fun part begins. Take a look at the finished listing: https://www.airbnb.com/rooms/1790811935025808256

If you're a busy professional or investor interested in building a high-performing STR, and want help from acquisition through design, launch and management, we'd be happy to share how our process works. Book a 30-minute call

— Abhijit & Veera Lord OfThe Inns | Acquire | Design | Launch | Manage | Grow

Projections are estimates based on current market data and our underwriting assumptions. They are not guarantees of future results and are not an offer to sell or a solicitation to buy any security.