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778 Covey Ct

778 Covey Ct

Redding, CA 96003

$375,000

3 bd · 2 ba · 1,303 sqft · Listed 1d ago

View on Realtor.com →

Year built

1996

Sqft

1,303

Lot sqft

7,841

HOA / mo

$0

Furnished

No

List date

2026-10-02T15:33:19.000000Z

Revenue

Annual revenue

$29,312

ADR

$120

Occupancy

67%

Cleaning fees (12 mo)

$3,424

Confidence

Med (58.85), 13 comps

Comp revenue range (p25 / median / p75)

$22,943$31,261$33,268

Median revenue of shown comps: $31,261

  • Modest luxury centrally located

    House · 3 bd · 2 ba · sleeps 6 · 0.1 mi

    Revenue $41,653ADR $358Occ ≈ 32%4.8★ (54)

    AirbnbVrbo

  • Redding Escape for Large Family

    Townhouse · 3 bd · 2 ba · sleeps 6 · 0.2 mi

    Revenue $31,939ADR $176Occ ≈ 50%4.9★ (233)

    Airbnb

  • Redding Escape for Large Family #2

    Townhouse · 3 bd · 2 ba · sleeps 6 · 0.2 mi

    Revenue $31,261ADR $181Occ ≈ 47%4.9★ (224)

    Airbnb

  • Old-Time Country Getaway in Redding

    Townhouse · 3 bd · 2.5 ba · sleeps 8 · 0.3 mi

    Revenue $32,431ADR $160Occ ≈ 56%4.9★ (135)

    Airbnb

  • Large Redding Home Away From Home

    House · 3 bd · 2.5 ba · sleeps 8 · 0.3 mi

    Revenue $29,081ADR $133Occ ≈ 60%4.9★ (146)

    Airbnb

  • Spacious Cozy Redding Home

    House · 3 bd · 2.5 ba · sleeps 10 · 0.4 mi

    Revenue $4,680ADR $130Occ ≈ 10%4.8★ (88)

    Airbnb

  • Cozy Redding Home Close to Just About Everything

    House · 3 bd · 2.5 ba · sleeps 8 · 0.4 mi

    Revenue $20,579ADR $135Occ ≈ 42%4.8★ (181)

    Airbnb

  • Relaxing Home 15 mins to Lake

    House · 3 bd · 2.5 ba · sleeps 6 · 0.4 mi

    Revenue $35,026ADR $131Occ ≈ 73%4.9★ (36)

    Airbnb

  • Warm and Cozy Redding Home

    House · 3 bd · 2.5 ba · sleeps 8 · 0.4 mi

    Revenue $37,000ADR $141Occ ≈ 72%4.9★ (230)

    Airbnb

  • Quaint, quiet, and centrally located near Bethel!

    House · 3 bd · 2 ba · sleeps 7 · 0.6 mi

    Revenue $5,693ADR $96Occ ≈ 16%4.8★ (78)

    Airbnb

Show 3 more

  • Parkside 3BR Retreat • 2 Kings Beds • Near Bethel

    House · 3 bd · 2 ba · sleeps 6 · 0.7 mi

    Revenue $28,338ADR $194Occ ≈ 40%4.8★ (6)

    Airbnb

  • Contractor Friendly 3 Bdrm Townhomes - 30 day

    Apartment · 3 bd · 1.5 ba · sleeps 7 · 0.7 mi

    Revenue $22,943ADR $88Occ ≈ 71%—

    Airbnb

  • Comfort 4 mins Bethel · 3B/2B · Laundry · BBQ ·Pet

    House · 3 bd · 2 ba · sleeps 6 · 0.7 mi

    Revenue $33,268ADR $131Occ ≈ 70%—

    Airbnb

Revenue and nightly rate (ADR) are trailing-12-month figures per listing. Occupancy is estimated as revenue ÷ ADR ÷ 365 and can read high when revenue includes cleaning fees.

Cash flow calculator

Financing
Management

Est. revenue

$29,312

NOI

$10,586

Cash flow /mo

$882

Cash needed

$409,500

Cash-on-cash (all cash)

2.6%

ROE (yr 1)

5.3%

Cap rate

2.8%

DSCR

—

Year-1 write-off

$105,326

Year-1 tax shield @ 32%

$33,704

Year-1 return on equity

  • Cash flow (annual)$10,586
  • Principal paydown (n/a, cash)$0
  • Appreciation at%$11,250
ROE5.3%

Tax savings aren't counted. Turn on “Count tax savings in returns” above if you can use the losses.

Opex, cash-needed & tax-savings breakdown

Annual operating expenses

  • Management (20% of revenue)$5,862
  • Platform fees (3% of revenue)$879
  • Maintenance / capex (5% of revenue)$1,466
  • Utilities & supplies$4,200
  • HOA$0
  • Property tax$4,688
  • Insurance (STR-rated)$2,194

Cash needed to close

  • Purchase price (all cash)$375,000
  • Closing costs (4.0%)$15,000
  • Furnishing (bought new)$19,500

Tax savings if the STR loophole applies

  • Tax shield @ 32%$33,704

Property tax, insurance rate and the land/building split come from this listing's county tax record; other assumptions match the daily feed (see tasks/plan.md).

The write-off comes from the cost segregation estimate below. Not tax advice.

Cost segregation estimate

An estimate from the listing: every part of the home is priced from national construction costs, less wear for age, and the price (less land) is spread over the parts in proportion. The headline is what a typical cost seg study would claim for this property. The answers below are optional refinements.

Depreciable basis

$310,000

Short-life (5/15-yr)

$86,000 · 28%

Year-1 deduction

$105,000

Year-1 tax shield @ 32%

$34,000

Land 17% (county tax record, assessed value split) · building $225,000 over 39 years · new furniture $20,000

Based on: 1,303 sq ft, built 1996, 3 bd / 2 ba, unfurnished, listing features (covered patio, flooring types).

Try the cost segregation calculator on any property →

IRS-guide safe-harbor floor: $84,000 in year 1 (21% short-life, $27,000 tax shield), the conservative amount following the IRS audit guide's residential classification table.

5-year property$70,800

  • Kitchen cabinetsdefault

    $8,700 new × 40% good × 2.56 allocation

    $8,900

  • Kitchen countertopsdefault

    $7,100 new × 40% good × 2.56 allocation

    $7,300

  • Decorative trimdefault

    $2,300 new × 40% good × 2.56 allocation

    $2,300

  • Mirrorsdefault

    $300 new × 40% good × 2.56 allocation

    $300

  • Shelvingdefault

    $1,200 new × 40% good × 2.56 allocation

    $1,200

  • Window coverings (13)default

    $3,300 new × 40% good × 2.56 allocation

    $3,300

  • Carpet, vinyl & laminate (100% of floors)listing

    $8,400 new × 40% good × 2.56 allocation

    $8,600

  • Kitchen & laundry equipment plumbingdefault

    $6,700 new × 40% good × 2.56 allocation

    $6,900

  • Kitchen, laundry & data equipment electricaldefault

    $4,100 new × 40% good × 2.56 allocation

    $4,200

  • Appliances (range, microwave, dishwasher, disposal, refrigerator, washer, dryer)default

    $8,100 new × 40% good × 2.56 allocation

    $8,300

  • Furniture bought newlisting

    $19,500 new × 100% good · bought separately

    $19,500
15-year land improvements$34,200

  • Paving: driveway & walks (paved)default

    $7,500 new × 50% good × 2.56 allocation

    $9,600

  • Landscaping (typical)default

    $7,200 new × 50% good × 2.56 allocation

    $9,200

  • Covered patiolisting

    $10,700 new × 50% good × 2.56 allocation

    $13,800

  • Decks & porches (attached)default

    $1,300 new × 50% good × 2.56 allocation

    $1,600
Building, 39-year$224,800

  • Structure: foundation, framing, walls, windows, doors, roof, interior finishesdefault

    $140,900 new × 50% good × 2.56 allocation

    $180,600

  • Building plumbing & fixturesdefault

    $14,600 new × 40% good × 2.56 allocation

    $15,000

  • Building electrical & lightingdefault

    $13,800 new × 40% good × 2.56 allocation

    $14,100

  • HVACdefault

    $14,700 new × 40% good × 2.56 allocation

    $15,100

About the property

Depreciation schedule: typical cost seg study

Year5-yr15-yrBuildingTotal
1$70,800$34,200$200$105,300
2$0$0$5,800$5,800
3$0$0$5,800$5,800
4$0$0$5,800$5,800
5$0$0$5,800$5,800
6+$0$0$201,500$201,500
Total$70,800$34,200$224,800$329,800

Model-based estimate, not an engineered cost segregation study. The IRS doesn’t approve studies; get a professional study before filing. Using these losses against W-2 income needs the short-term rental exception (average stay ≤7 days + material participation). The 39-year building life applies because stays average under 30 days, a separate test (27.5 years for a long-term rental). Federal only: California, Georgia and Wisconsin disallow bonus depreciation, Ohio adds back 5/6 of it, and Tennessee has no personal income tax. Not tax advice.

Market note

Rules differ by jurisdiction. City of Redding caps whole-home vacation rentals at 400 with a 600 ft spacing rule (300 ft with a physical buffer), and its permit is NOT transferable to a new owner. Shasta Lake city and unincorporated Shasta County allow permitted rentals with no cap found, but permits also do not transfer on sale. Lodging tax ~10% plus a 2% tourism assessment in Redding. Verify parcel eligibility with the city or county before you buy.