Revenue, occupancy, and payouts · Owner access only · Direct link: kenbo.rent/#owners
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KENBO grosses roughly half of what comparable Baytowne units earn. 2026 has stabilized: $25.7K booked versus $25.2K for all of 2025, with net margin up to 73% on the new Track platform. The gap concentrates in three places: an empty winter (Oct–Feb), a mispriced August, and the abandonment of split-listing 507 and 509. Carrying costs run about $66K/yr; rental net covers roughly a quarter of that, and ~$19.6K/yr of the gap returns to us as mortgage principal. As-is, our equity position improves ~$5K/yr; with the fixes below, $12–20K/yr.
Action Items
1. MVH channel + pricing audit meeting (Chris → Kaylie, by Aug 15): where we're listed, which pricing tool, why realized ADR runs 55–75% of rack.
2. Enroll 509 in MVH's snowbird program for Nov–Feb: ~$2,400–2,900/mo, 28+ night minimum, reduced long-stay commission (by Sep 1; winter books Aug–Oct).
3. Restore split-listing of 507 and 509 outside Jun 13–Jul 25 and spring break (by Sep 1).
4. Reprice August 2027 as shoulder season in the new rate calendar (by Oct 1).
5. Owner use: each owner takes two weeks per year. We pay the ~$66K carry either way, so personal use is part of the return; an off-season week costs the rental pool almost nothing and repays a slice of your ~$8.7K/yr economic cost. Book off-season because nearly all revenue lands in high season. Never book as an owner: Jun 13–Jul 25, Mar 6–19 (spring break), or Memorial Day week. Best owner windows: Sep 8–Dec 15 and Jan 6–Feb 28 (check the calendar before taking Thanksgiving week; it sometimes rents), with late-April to early-May midweeks an acceptable second choice (~$75/day displaced). Ask KENBO below to price the displacement for your exact dates before you book.
6. Targets: H2 2026 gross ≥ $10K; ≥ 60 winter nights or ≥ $9K booked by Dec 1; 2027 ≥ $38K. Review Feb 2027; RFP the management contract if missed.
Gross Revenue by Month
Occupied Nights by Month
P&L Summary
Account P&L · all three owners
Line2025 Full Yr2026 thru Jun
Gross room revenue$25,238$15,407
Management commission (23%)($5,805)($3,544)
Housekeeping / owner cleans($1,080)($175)
Maintenance & work orders($566)($318)
Lock & transition fees($670)($96)
Net to owners$17,117 · 67.8%$11,275 · 73.2%
Per owner$5,706 each$3,833 / $3,721 / $3,721
2025 ties to the three 1099s ($8,412.58 × 3 = $25,237.73 gross) and the Escapia + Track statements. 2026 is from Track statements through June; July gross of $5,933 posts on the July statement. Splits: 2025 equal thirds; 2026 forward 34/33/33.
Carrying Costs
Current monthly run-rate (all owners)
Mortgage · Renasant 15yr @ 3.375%$2,100.97
Gateway HOA · Virtuous Mgmt$1,349.60
Baytowne Wharf Neighborhood Assn$147.19
Sandestin Owners Assn$162.49
Electric (avg)$153.00
Insurance · Safe Harbor (avg)$197.75
Fixed monthly total$5,093.63
Add ~$4K/yr property taxes and ~$1.8K/yr quarterly assessments: ≈ $66K/yr all-in cash. Of the gap rental income doesn't cover, ~$19.6K/yr is mortgage principal (equity we keep), so the true economic cost is ≈ $26K/yr, about $8.7K per owner, before valuing personal use. Actual total expenses by year appear in the table below.
Annual History
Yearly Detail
Market Check
Achieved ADR (2026) vs Posted Summer Rack
3BR Combo 507/509achieved $207/ntrack $361
2BR 509achieved $153/ntrack $261
Studio 507achieved $101/ntrack $161
Reference points: KENBO grossed $25.2K in 2025 and has $25.7K booked for 2026 as of late July. A Baytowne comp (Lasata) is marketed with $51K of 2025 rental income, and Pilot House lockouts have historically been listed with $42K–$67K annual rental projections. Realized rates run 55–75% of our own rack, and July ADR came in below June. With split-listing, dynamic pricing, and a winter program, a realistic target is $38–48K gross (estimate). Every gross dollar flows ~73–77% to owners.
Findings & Playbook
1. Winter is a dead zone. October–February runs 1–8 nights per month; November and December 2025 grossed $0.
2. Snowbird works here. The only full winter month ever (Jan 2024) was a single 35-night stay in 509. Plan: list 509 monthly Nov–Feb at ~$2,400–2,900/mo, 28+ night minimum, reduced long-stay commission.
3. The August cliff. 46 nights in Aug 2023, then 10–18 every year since (school calendars moved). August should be priced as shoulder, not peak.
4. Split-listing won before. Our best year (2023) rented 507 and 509 separately for 130 nights. Restore split-listing outside Jun 13–Jul 25 and spring break.
5. Owner weeks: take them Sep 8–Dec 15 or Jan 6–Feb 28 (near-zero revenue impact). Avoid Jun 13–Jul 25 and Mar 6–19.
Expected gross per calendar day · 2026
*On the books as of Jul 27, 2026. This is what an owner week "costs" the rental pool, per day, by month.
Owner Split & Payouts
Deposits (UK FCU)
Notes & Sources
Gross = room revenue before commission, recognized in month of departure (matches Track statements). Net = ACH payments to all three owners combined. Nights = whole-property occupied nights across 507, 509, and the 507/509 combo (guest + owner). 2022–2024 dollar figures were not carried over in the Escapia→Track migration; nights for those years come from imported reservations. Sources: haven.trackhs.com owner portal (statements + reservations export) and UK FCU deposits. Update cadence: monthly, first week, via the Performance and Deposits tabs in the KENBO App Data sheet (kenbo Drive folder). P&L, market check, and playbook reflect statements and analysis through Jul 27, 2026.