Portfolio—Vol. 01 / 2026—Tartu, Estonia—Subleasing operator

✦On building quiet systems that compound.

I'm Enrico — 22, founder of Lumatic OÜ. Subleasing units in Tartu through Booking and Airbnb. Two STR units live, four operated since April 2025. The system is the product.

✦

Bookings195

Booking reviews84 · 9.2/10

StartedApril 2025

Active STR units02

01 — Intro

Scaled to three. Cut back to one. Re-scaling with systems now.

“The pullback was the lesson. The scaling is the proof.”

Marketing student at EEK Mainor, graduating 2028. Founder of Lumatic OÜ — a subleasing operator in Tartu, Estonia.

Last summer the portfolio ran three units in parallel. By autumn it was one. The contraction was deliberate — three units exposed every gap a single unit had been hiding. Five months of automating, documenting, and refining ran the whole portfolio off Vallikraavi alone. April 2026 is the restart. Vallikraavi summer ADR up 60–82% year-over-year; Emajõe live at the highest ADR in the portfolio.

Boring on purpose. The unglamorous work compounds — everything else is noise.

03 — Portfolio

Two STR units live. Two earning long-term.

01^/04

Vallikraavi + sauna

Vallikraavi 10-43 · Old Town · Booking ID 13901885

● Anchor unit · since Apr 2025

9.2/10

Booking · 84 reviews

VL · 01Vallikraavi2BR · sauna

A two-bedroom apartment a step from Tartu's Town Hall Square. The portfolio anchor — guests consistently call out location, the sauna, the interior, and the cleanliness.

Bookings154

Booking ADR€74/night

Peak summer ADR€142/night

Avg stay1.6 nights

Private sauna2 bedrooms · sleeps 560m²Lock-box check-inBooking + AirbnbNetflixDishwasherOn-site parking200m to Town Hall Sq.

View details →

02^/04

Emajõe riverside

Emajõe 3 · Supilinn · Booking ID 16097911

● Active STR — launched April 2026

9.7/10

Booking · 3 reviews

EM · 02Emajõe1BR · river view

A one-bedroom in a historic wooden house, directly on the Emajõgi riverbank. Fully renovated. Premium positioning — the highest ADR in the portfolio at 40% above the anchor unit.

Bookings11

Booking ADR€103.5/night

Cancellation rate8%

Lead time37 days

River viewPremium ADR1 bedroom · sleeps 4Wooden houseUnderfloor heatInductionPrivate parkingWasherSupilinn district

View details →

03^/04

Kalevi 71 — archived

Kalevi 71, Tartu · Booking ID 14057404 · Now long-term

↻ Long-term lease since Oct 2025 — had 10/10 potential

9.3/10

STR rating · 16 reviews

Now long-term

KL · 03Kalevi2BR · 2nd floor

Three months of parallel STR through summer 2025. The exit was a system call, not a revenue one — winter operating costs would have outpaced the off-season ADR. Converted to long-term, the unit still earns.

Bookings30

ADR€65/night

Avg stay1.8 nights

Cancellation rate9%

2 bedrooms · sleeps 456m²2nd floor viewFree parkingWasherQuiet areaLong-term leaseStrategic exit

View details →

04^/04

Vallikraavi 10-3 — historical

Vallikraavi 10-3 · ground floor · same building as the anchor · Now long-term

↻ Long-term since September 2025

Bookings · summer 2025

Now long-term

VL · 04Vallikraavi 10-3Same address

A separate unit in the same building as the anchor. Tested briefly through Booking during the summer push — five bookings in. The owner reassigned the unit to a long-term tenant in August.

ChannelBooking

Bookings5

STR periodSummer 2025

StatusLong-term

Same buildingBooking-only testOwner-convertedLong-term leaseOperational lesson

View details →

04 — Trajectory

The journey, in one chart.

Phase 1 (Apr–Jun '25): Learning curve

Phase 2 (Jul–Aug '25): 3 units — no systems, collapsed

Phase 3 (Sep '25 – Mar '26): Focus + systems

Phase 4 (Apr '26 →): Relaunch

Revenue trajectory

Monthly portfolio revenue. Peak at three units in Aug 2025, single-unit consolidation through winter, returning to growth Apr 2026.

Apr '25MayJunJulAugSepOctNovDecJan '26FebMarApr '26

ADR (€/night)

Summer peaks, winter base. April 2026 returns above 2025 levels.

Apr '25Apr '26

Occupancy

Autumn–winter 2025/26 stabilised at 70–93%. Demand isn't purely seasonal; system fluency is.

Apr '25Apr '26

06 — Approach

Three pillars. Everything else is leverage.

Systems before scale

Every workflow is written down before it's delegated. Pricing, messaging, cleaning, restocking — all rule-based, all auditable, all repeatable. The Kalevi exit was the moment this principle stopped being a theory.

→Event-based pricing & long-stay discounts
→Automated guest comms across both channels
→Lock-box check-in flow with key-pad codes
→Restock & consumables SOPs

ii.

Structure that stacks

The model only works if it's stackable. Each new unit has to plug into the same operating system without doubling the operator effort. Owner separated from operator — the portfolio earns whether I'm in Tartu or not.

→Channel + OTA management
→Cleaning partners on per-turnover SLAs
→Monthly P&L by property
→ERP systems
→Inventory tracking

iii.

Management as product

The guest experience is the product. Listings, photography, tone of voice, arrival instructions, the towels — all styled, all part of one coherent feel that justifies the premium ADR.

→Brand consistency across OTAs
→In-unit branded amenities
→Cinematic property visuals
→Review-driven iteration
→Personal touch — every guest must feel like they matter

Business inquiries

Apartment in Tartu? Let's run the numbers.

I take on new units when the math works for both sides. Landlord considering a long-term lease with a professional STR operator, investor curious about the unit economics, or a partner thinking about a joint venture — one inbox.

Replies usually within 24h, Tartu time.

enricososs.info@gmail.com

linkedin.com/in/enricososs

Instagram

@enrico_soosaar