229 N Spring St
Logan, OH 43138
$199,900
3 bd · 1.5 ba · 1,288 sqft · Listed 1d ago
View on Realtor.com →Year built
1920
Sqft
1,288
Lot sqft
12,197
HOA / mo
$0
Furnished
No
List date
2026-10-07T17:37:46.000000Z
Revenue
Annual revenue
$24,452
ADR
$179
Occupancy
37%
Cleaning fees (12 mo)
$2,100
Confidence
Low (36.31), 8 comps
Comp revenue range (p25 / median / p75)
Median revenue of shown comps: $27,038
Crossroads Cottage in the Heart of Hocking Hills
Cabin · 3 bd · 1 ba · sleeps 8 · 0.3 mi
Revenue $3,945ADR $303Occ ≈ 4%4.6★ (16)
Delisted
The Old Canal House (and hottub!)
House · 3 bd · 2 ba · sleeps 6 · 0.3 mi
- Hot tub
- A/C
- Free parking
- Pets OK
- +4
Revenue $21,390ADR $65Occ ≈ 90%4.8★ (36)
Pet Friendly, 3BR Retreat, King Bed & Hot Tub
House · 3 bd · 2 ba · sleeps 6 · 0.5 mi
- Hot tub
- A/C
- Free parking
- Pets OK
- +5
Revenue $39,455ADR $222Occ ≈ 49%5★ (130)
3 Bedroom in Hocking Hills w King Bed Logan Ohio
Vacation home · 3 bd · 2 ba · sleeps 6 · 0.5 mi
Revenue $38,250ADR $258Occ ≈ 41%4.8★ (5)
Logan, Ohio in the Heart of Hocking Hills, pool table, king size bed, Hot Tub
House · 3 bd · 2 ba · sleeps 6 · 0.5 mi
- Hot tub
- A/C
- Free parking
- Pets OK
- +5
Revenue $46,900ADR $264Occ ≈ 49%5★ (21)
| Listing | Size | Revenue (12 mo) | ADR | Occ ≈ | Rating | Distance | Links |
|---|---|---|---|---|---|---|---|
Crossroads Cottage in the Heart of Hocking Hills Cabin | 3 bd · 1 ba · sleeps 8 | $3,945 | $303 | 4% | 4.6★ (16) | 0.3 mi | Delisted |
Lakewood Cottage in Hocking Hills Cabin
| 3 bd · 2 ba · sleeps 8 | $27,038 | $393 | 19% | 4.5★ (34) | 0.3 mi | AirbnbVrboBooking |
The Old Canal House (and hottub!) House
| 3 bd · 2 ba · sleeps 6 | $21,390 | $65 | 90% | 4.8★ (36) | 0.3 mi | Airbnb |
Chickasaw in Hocking Hills Cabin
| 3 bd · 1 ba · sleeps 6 | $21,613 | $287 | 21% | 4.2★ (46) | 0.3 mi | AirbnbVrboBooking |
Pet Friendly, 3BR Retreat, King Bed & Hot Tub House
| 3 bd · 2 ba · sleeps 6 | $39,455 | $222 | 49% | 5★ (130) | 0.5 mi | Airbnb |
3 Bedroom in Hocking Hills w King Bed Logan Ohio Vacation home | 3 bd · 2 ba · sleeps 6 | $38,250 | $258 | 41% | 4.8★ (5) | 0.5 mi | Booking |
Logan, Ohio in the Heart of Hocking Hills, pool table, king size bed, Hot Tub House
| 3 bd · 2 ba · sleeps 6 | $46,900 | $264 | 49% | 5★ (21) | 0.5 mi | Vrbo |
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
Rate 8.03% = 7.28% Freddie Mac 30-yr avg (Oct 1) + 0.75% investor premium
Est. revenue
$24,452
NOI
$10,275
Cash flow /mo
-$247
Cash needed
$77,471
Cash-on-cash
-3.8%
ROE (yr 1)
5.5%
Cap rate
5.1%
DSCR
0.78
Year-1 write-off
$64,579
Year-1 tax shield @ 32%
$20,665
Year-1 return on equity
- Cash flow (annual)-$2,964
- Principal paydown$1,245
- Appreciation at%$5,997
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)$4,890
- Platform fees (3% of revenue)$734
- Maintenance / capex (5% of revenue)$1,223
- Utilities & supplies$4,200
- HOA$0
- Property tax$1,511
- Insurance (STR-rated)$1,619
Cash needed to close
- Down payment (25%)$49,975
- Closing costs (4.0%)$7,996
- Furnishing (bought new)$19,500
Tax savings if the STR loophole applies
- Tax shield @ 32%$20,665
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
$145,000
Short-life (5/15-yr)
$45,000 · 31%
Year-1 deduction
$65,000
Year-1 tax shield @ 32%
$21,000
Land 27% (county tax record, market value split) · building $100,000 over 39 years · new furniture $20,000
Based on: 1,288 sq ft, built 1920, 3 bd / 1.5 ba, unfurnished, listing features (deck, fireplace, flooring types, appliance list, wooded lot).
Try the cost segregation calculator on any property →
IRS-guide safe-harbor floor: $44,000 in year 1 (17% short-life, $14,000 tax shield), the conservative amount following the IRS audit guide's residential classification table.
- $4,700
Kitchen cabinetsdefault
$8,600 new × 40% good × 1.36 allocation
- $3,800
Kitchen countertopsdefault
$7,100 new × 40% good × 1.36 allocation
- $1,200
Decorative trimdefault
$2,300 new × 40% good × 1.36 allocation
- $100
Mirrorsdefault
$200 new × 40% good × 1.36 allocation
- $700
Shelvingdefault
$1,200 new × 40% good × 1.36 allocation
- $1,800
Window coverings (13)default
$3,300 new × 40% good × 1.36 allocation
- $4,500
Carpet, vinyl & laminate (100% of floors)listing
$8,300 new × 40% good × 1.36 allocation
- $3,600
Kitchen & laundry equipment plumbingdefault
$6,700 new × 40% good × 1.36 allocation
- $2,200
Kitchen, laundry & data equipment electricaldefault
$4,100 new × 40% good × 1.36 allocation
- $2,600
Appliances (range, microwave, refrigerator)listing
$4,700 new × 40% good × 1.36 allocation
- $19,500
Furniture bought newlisting
$19,500 new × 100% good · bought separately
- $5,000
Paving: driveway & walks (paved)default
$7,400 new × 50% good × 1.36 allocation
- $2,400
Landscaping (minimal)listing
$3,600 new × 50% good × 1.36 allocation
- $900
Patiosdefault
$1,300 new × 50% good × 1.36 allocation
- $9,800
Decks & porches (attached)listing
$14,500 new × 50% good × 1.36 allocation
- $1,700
Site lightinglisting
$2,500 new × 50% good × 1.36 allocation
- $75,600
Structure: foundation, framing, walls, windows, doors, roof, interior finishesdefault
$139,400 new × 40% good × 1.36 allocation
- $7,800
Building plumbing & fixturesdefault
$14,400 new × 40% good × 1.36 allocation
- $7,400
Building electrical & lightingdefault
$13,600 new × 40% good × 1.36 allocation
- $7,900
HVACdefault
$14,500 new × 40% good × 1.36 allocation
- $1,400
Fireplacelisting
$2,600 new × 40% good × 1.36 allocation
About the property
Depreciation schedule: typical cost seg study
| Year | 5-yr | 15-yr | Building | Total |
|---|---|---|---|---|
| 1 | $44,600 | $19,900 | $100 | $64,600 |
| 2 | $0 | $0 | $2,600 | $2,600 |
| 3 | $0 | $0 | $2,600 | $2,600 |
| 4 | $0 | $0 | $2,600 | $2,600 |
| 5 | $0 | $0 | $2,600 | $2,600 |
| 6+ | $0 | $0 | $89,800 | $89,800 |
| Total | $44,600 | $19,900 | $100,100 | $164,600 |
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
Hocking County STR ordinance pending (annual permit, inspection, $1M liability insurance, driveway standards). Steep/gravel driveways are a cost risk.