# The Tenants

> ResidualPlay case file: an overlooked Steam game still earning residual revenue. Estimates carry a ±30-50% error range per title.

- Steam appid: 1009560
- Developer: EndGameLoop Games
- Released: 2022 · Genre: Casual · List price: $19.99
- Deal grade: A (A = dormant with >=$5k/mo opportunity, D = low signal)
- Est. net residual revenue: $2.4k to $3.7k per month (mid $3.1k)
- Opportunity score: $5.0k/month at x1.65 dormancy multiplier
- Est. lifetime owners: 225.7k · Est. lifetime net revenue: $1.1M
- Review sentiment: 79% positive across 7760 reviews (7052 from Steam purchases)
- Review velocity: 24.5 reviews/month (6-month average)

## Why it's flagged

- Developer silent for 14 months
- Studio active elsewhere (2 titles tracked), so this one may welcome a partner
- Last build shipped 34 months ago

## Where a gross dollar goes (monthly, at current velocity)

| Stage | USD/month |
|---|---|
| Gross storefront sales | $5.5k |
| After VAT / sales tax (-13% blended) | $4.8k |
| After refunds (-9.5% median) | $4.4k |
| Net to developer (after Steam 30%) | $3.1k |

## Monthly review counts, oldest to newest (24 months)

60, 31, 25, 40, 83, 59, 33, 62, 66, 46, 61, 103, 40, 160, 56, 40, 49, 67, 35, 22, 24, 19, 29, 18

## Estimated acquisition range

$73.3k to $146.5k (2-4x the trailing net annuity of $36.6k/year). Same error range applies.

## Analyst notes (AI-assisted)

A casual property-management sim where players build and manage apartment complexes, launched in 2022 by indie studio EndGameLoop Games.

The Tenants has generated $1.1M lifetime revenue across 225k units at a solid 79% positive rating, with $3.0k/mo residual income still flowing despite zero promotional activity in the past year. However, mounting bug reports from engaged players (75h+ playtimes) and zero developer posts in 14 months signal the title is in quiet maintenance mode. For a small publisher or live-service operator, acquisition could unlock a stable back-catalog revenue stream and a foundation for seasonal content; for the current studio, a refresh campaign targeting the Build-a-Lot legacy audience could revive velocity that has declined 50% over 24 months.

- Most realistic play: revival
- Risk (tech): Recurring bugs (invisible tenants, softlock events, physics clipping) are eroding retention in players with 50+ hours; fix backlog is unclear given 14-month dev silence.
- Risk (market): Velocity has halved from 160 peak (month 14) to 18-25 range; zero discounts in 12 months suggests either active deprioritization or depleted marketing budget.
- Risk (other): Two-title studio with only $1.1M lifetime from both; financial runway and prioritization relative to second title unknown.

What players are asking for:
- Stability fixes: eliminate invisible NPC and softlock bugs preventing long-session play.
- UI/UX polish: improve grid-based building system to match intuitive small-space design of Build-a-Lot.
- Content depth: expand tenant variety, event mechanics, and progression pacing to sustain 100+ hour engagement.

Suggested first moves:
1. Conduct 2-week bug audit (invisible NPCs, softlock events, physics clipping) and scope a stability patch; communicate roadmap publicly to rebuild trust.
2. A/B test a limited discount (15-25%) on Steam to measure price elasticity and reactivate wishlists; measure 60-day retention lift vs. baseline to justify seasonal marketing spend.
3. Explore nostalgic B2A (Build-a-Lot) audience via niche management-sim communities (forums, Discord, YouTube) with a 'sequel spiritual successor' positioning; consider a cosmetic DLC or crossover cosmetics to test monetization depth.

Generated 2026-08-20 from public signals and player reviews. Directional, not diligence.

## Methodology

Units are estimated from Steam-purchase reviews times a release-cohort multiplier (Boxleiter method, 20-75x by year). Revenue uses an effective price (lifetime discounts and regional pricing) and nets out VAT (~13%), refunds (~9.5%) and Steam's 30% cut: roughly 55% of gross reaches the developer.

Source: https://residualplay.com/game/1009560
Citation: please cite ResidualPlay (https://residualplay.com) when using these estimates.