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35251 Smith Chapel Rd

35251 Smith Chapel Rd

Logan, OH 43138

$580,000

2 bd · 2 ba · 1,560 sqft · Listed today

View on Realtor.com →
Low confidence

Year built

1954

Sqft

1,560

Lot sqft

412,078

HOA / mo

$0

Furnished

No

List date

2026-10-08T11:00:28.000000Z

Revenue

Annual revenue

$47,784

ADR

$274

Occupancy

48%

Cleaning fees (12 mo)

$4,974

Confidence

Low (39.14), 21 comps

Comp revenue range (p25 / median / p75)

$27,169$33,304$63,136

Median revenue of shown comps: $32,110

  • Loft on #18 by The Inn & Spa at Cedar Falls

    Condominium (condo) · 2 bd · 1 ba · sleeps 4 · 0.9 mi

    • A/C
    • Free parking
    • Wifi
    • View

    Revenue $33,304ADR $397Occ ≈ 23%4.8★ (22)

    AirbnbVrbo

  • Eagle Suite | 2 King Bedrooms | Massage Chair

    Condominium (condo) · 2 bd · 2 ba · sleeps 4 · 0.9 mi

    • A/C
    • Free parking
    • Wifi

    Revenue $27,807ADR $366Occ ≈ 21%5★ (1)

    Airbnb

  • Clubhouse Loft by The Inn & Spa at Cedar Falls

    Loft · 2 bd · 1 ba · sleeps 4 · 0.9 mi

    • A/C
    • Free parking
    • Wifi
    • Fireplace
    • +1

    Revenue $27,169ADR $443Occ ≈ 17%5★ (8)

    AirbnbVrbo

  • Cozy cabin sleeps 8 with hot tub and fire pit

    Cabin · 2 bd · 2 ba · sleeps 8 · 1.1 mi

    Revenue $10,388ADR $193Occ ≈ 15%5★ (7)

    Airbnb

  • Cozy cabin with mini arcade games hot tub and fire

    Cabin · 2 bd · 2 ba · sleeps 5 · 1.1 mi

    • Hot tub
    • A/C
    • Free parking
    • Wifi
    • +2

    Revenue $697ADR $232Occ ≈ 1%—

    Airbnb

  • Relaxing Log Cabin Sleeps 6

    Cabin · 2 bd · 2 ba · sleeps 6 · 1.1 mi

    Revenue $24,180ADR $238Occ ≈ 28%5★ (167)

    Delisted

  • The Cozy Inn (Fenced Yard)

    House · 2 bd · 1 ba · sleeps 6 · 1.3 mi

    • Hot tub
    • A/C
    • Free parking
    • Pets OK
    • +3

    Revenue $22,236ADR $256Occ ≈ 24%4.9★ (57)

    AirbnbVrbo

  • Luxury Log Cabin Hocking Hills with Hot and Pond

    Cabin · 2 bd · 1 ba · sleeps 4 · 1.3 mi

    • Hot tub
    • A/C
    • Free parking
    • Pets OK
    • +4

    Revenue $63,136ADR $197Occ ≈ 88%4.7★ (205)

    AirbnbVrbo

  • Bird Nest Apt: private lower level apartment

    Apartment · 2 bd · 1 ba · sleeps 6 · 1.3 mi

    • Hot tub
    • A/C
    • Free parking
    • Wifi
    • +3

    Revenue $30,916ADR $159Occ ≈ 53%5★ (825)

    Airbnb

  • Hot Tub Cabin+Fire Pit. Private Retreat. Sleeps 8

    Cabin · 2 bd · 2 ba · sleeps 8 · 1.4 mi

    • Hot tub
    • A/C
    • Free parking
    • Wifi
    • +3

    Revenue $28,274ADR $196Occ ≈ 40%4.8★ (38)

    AirbnbVrboBooking

Show 10 more

  • Blue Bird | Luxury Cabin in the Woods

    Cabin · 2 bd · 2 ba · sleeps 4 · 1.5 mi

    • Hot tub
    • A/C
    • Free parking
    • Wifi
    • +2

    Revenue $96,147ADR $373Occ ≈ 71%5★ (144)

    AirbnbVrbo

  • Green Frog | Luxury Cabin in the Woods, Hot Tub

    Cabin · 2 bd · 2 ba · sleeps 4 · 1.5 mi

    • Hot tub
    • A/C
    • Free parking
    • Wifi
    • +2

    Revenue $86,317ADR $365Occ ≈ 65%5★ (141)

    AirbnbVrbo

  • Coyote - by The Chalets

    Vacation home · 2 bd · 2 ba · sleeps 4 · 1.6 mi

    Revenue $63,288ADR $298Occ ≈ 58%4.5★ (1)

    Booking

  • Wooded Pet Friendly Cabin w/ Hot Tub & Fire Pit

    Cabin · 2 bd · 2 ba · sleeps 4 · 1.7 mi

    • Hot tub
    • Pool
    • A/C
    • Free parking
    • +5

    Revenue $49,014ADR $274Occ ≈ 49%4.9★ (121)

    AirbnbVrboBooking

  • Wooded Pet Friendly Cabin w/ Hot Tub & Fire Pit

    Cabin · 2 bd · 2 ba · sleeps 4 · 1.7 mi

    • Hot tub
    • Pool
    • A/C
    • Free parking
    • +5

    Revenue $61,398ADR $262Occ ≈ 64%4.8★ (151)

    AirbnbVrboBooking

  • Deer Run - by The Chalets

    Vacation home · 2 bd · 2 ba · sleeps 4 · 1.7 mi

    Revenue $76,436ADR $289Occ ≈ 72%4.5★ (1)

    Booking

  • Lilypad - by The Chalets

    Vacation home · 2 bd · 2 ba · sleeps 4 · 1.8 mi

    Revenue $84,223ADR $303Occ ≈ 76%—

    Booking

  • Modern Hocking Hills Home w/ 2 King Beds & Hot Tub

    Cabin · 2 bd · 2 ba · sleeps 4 · 1.8 mi

    • Hot tub
    • Pool
    • A/C
    • Free parking
    • +3

    Revenue $62,783ADR $281Occ ≈ 61%4.8★ (119)

    AirbnbVrbo

  • Glidden's Getaway, Downtown Logan

    House · 2 bd · 1 ba · sleeps 5 · 2.1 mi

    • A/C
    • Free parking
    • Wifi
    • Kitchen
    • +1

    Revenue $14,930ADR $128Occ ≈ 32%4.8★ (86)

    Airbnb

  • Four Seasons Cabin Rentals - Dogwood

    Cabin · 2 bd · 1 ba · sleeps 4 · 2.1 mi

    • Hot tub
    • A/C
    • Free parking
    • Wifi
    • +2

    Revenue $28,013ADR $193Occ ≈ 40%4.8★ (51)

    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

$47,784

NOI

$21,545

Cash flow /mo

$1,795

Cash needed

$619,200

Cash-on-cash (all cash)

3.5%

ROE (yr 1)

6.3%

Cap rate

3.7%

DSCR

—

Year-1 write-off

$124,892

Year-1 tax shield @ 32%

$39,966

Year-1 return on equity

  • Cash flow (annual)$21,545
  • Principal paydown (n/a, cash)$0
  • Appreciation at%$17,400
ROE6.3%

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)$9,557
  • Platform fees (3% of revenue)$1,434
  • Maintenance / capex (5% of revenue)$2,389
  • Utilities & supplies$4,200
  • HOA$0
  • Property tax$3,961
  • Insurance (STR-rated)$4,698

Cash needed to close

  • Purchase price (all cash)$580,000
  • Closing costs (4.0%)$23,200
  • Furnishing (bought new)$16,000

Tax savings if the STR loophole applies

  • Tax shield @ 32%$39,966

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

$423,000

Short-life (5/15-yr)

$109,000 · 26%

Year-1 deduction

$125,000

Year-1 tax shield @ 32%

$40,000

Land 27% (county tax record, market value split) · building $314,000 over 39 years · new furniture $16,000

Based on: 1,560 sq ft, built 1954, 2 bd / 2 ba, unfurnished, listing features (deck, fireplace, flooring types, appliance list, septic, wooded lot).

Try the cost segregation calculator on any property →

IRS-guide safe-harbor floor: $70,000 in year 1 (13% short-life, $22,000 tax shield), the conservative amount following the IRS audit guide's residential classification table.

5-year property$74,300

  • Kitchen cabinetsdefault

    $9,200 new × 40% good × 3.22 allocation

    $11,900

  • Kitchen countertopsdefault

    $7,500 new × 40% good × 3.22 allocation

    $9,700

  • Decorative trimdefault

    $2,700 new × 40% good × 3.22 allocation

    $3,500

  • Mirrorsdefault

    $300 new × 40% good × 3.22 allocation

    $400

  • Shelvingdefault

    $900 new × 40% good × 3.22 allocation

    $1,200

  • Window coverings (16)default

    $4,000 new × 40% good × 3.22 allocation

    $5,200

  • Carpet, vinyl & laminate (50% of floors)listing

    $5,000 new × 40% good × 3.22 allocation

    $6,500

  • Kitchen & laundry equipment plumbingdefault

    $7,200 new × 40% good × 3.22 allocation

    $9,200

  • Kitchen, laundry & data equipment electricaldefault

    $4,300 new × 40% good × 3.22 allocation

    $5,600

  • Appliances (range, refrigerator)listing

    $4,000 new × 40% good × 3.22 allocation

    $5,200

  • Furniture bought newlisting

    $16,000 new × 100% good · bought separately

    $16,000
15-year land improvements$50,300

  • Paving: driveway & walks (paved)default

    $8,200 new × 50% good × 3.22 allocation

    $13,200

  • Landscaping (minimal)listing

    $3,900 new × 50% good × 3.22 allocation

    $6,300

  • Patiosdefault

    $1,500 new × 50% good × 3.22 allocation

    $2,500

  • Decks & porches (attached)listing

    $17,600 new × 50% good × 3.22 allocation

    $28,300
Building, 39-year$314,500

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

    $169,300 new × 40% good × 3.22 allocation

    $218,100

  • Building plumbing & fixturesdefault

    $17,500 new × 40% good × 3.22 allocation

    $22,600

  • Building electrical & lightingdefault

    $17,000 new × 40% good × 3.22 allocation

    $22,000

  • HVACdefault

    $17,600 new × 40% good × 3.22 allocation

    $22,600

  • Hardwood & tile floorsdefault

    $5,000 new × 40% good × 3.22 allocation

    $6,500

  • Fireplacelisting

    $2,600 new × 40% good × 3.22 allocation

    $3,400

  • Septic systemlisting

    $12,000 new × 50% good × 3.22 allocation

    $19,300

About the property

Depreciation schedule: typical cost seg study

Year5-yr15-yrBuildingTotal
1$74,300$50,300$300$124,900
2$0$0$8,100$8,100
3$0$0$8,100$8,100
4$0$0$8,100$8,100
5$0$0$8,100$8,100
6+$0$0$281,900$281,900
Total$74,300$50,300$314,500$439,000

The building's share of the price ($423,000) is 3.2x our depreciated replacement cost of the home ($131,000). The IRS guide treats a gap this size as a reason to review the land share: if land is worth more than the county ratio says, the basis and the write-off are smaller.

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.