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Rate 8.15% = 7.40% Freddie Mac 30-yr avg (Oct 15) + 0.75% investor premium

239 Michelle St

239 Michelle St

Logan, OH 43138

$410,000

4 bd · 3 ba · 2,412 sqft · Listed today

View on Realtor.com →
Low confidence

Year built

1964

Sqft

2,412

Lot sqft

12,632

HOA / mo

$0

Furnished

No

List date

2026-10-20T00:15:35.000000Z

Revenue

Annual revenue

$60,422

ADR

$368

Occupancy

45%

Cleaning fees (12 mo)

$7,931

Confidence

Low (16.99), 9 comps

Comp revenue range (p25 / median / p75)

$25,626$45,901$98,050

Few similar-size comps were found, so all comps are shown.

Median revenue of shown comps: $34,961

  • Knotty Summit| Hocking Hills, Theater, Hot Tub

    Cabin · 3 bd · 3.5 ba · sleeps 8 · 0.4 mi

    • Hot tub
    • A/C
    • Free parking
    • Wifi
    • +4

    Revenue $56,841ADR $613Occ ≈ 25%4.7★ (22)

    AirbnbVrbo

  • Frog Hill | Hocking Hills, EV Charger, Hot Tub

    Cabin · 4 bd · 3.5 ba · sleeps 8 · 0.4 mi

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

    Revenue $116,519ADR $506Occ ≈ 63%4.9★ (97)

    AirbnbVrbo

  • Hocking Luxury | Pet+Kid Friendly | Fire Pit

    House · 4 bd · 2 ba · sleeps 10 · 0.5 mi

    • A/C
    • Free parking
    • Pets OK
    • Wifi
    • +3

    Revenue $34,961ADR $363Occ ≈ 26%4.7★ (95)

    AirbnbVrbo

  • Timberland Ridge | Hocking Hills, New, Hot Tub

    Cabin · 3 bd · 3 ba · sleeps 12 · 0.5 mi

    • Hot tub
    • A/C
    • Free parking
    • Wifi
    • +4

    Revenue $117,256ADR $524Occ ≈ 61%5★ (45)

    AirbnbVrbo

  • Shagbark Hill | Hocking Hills, Hot Tub, Theater

    Cabin · 3 bd · 3.5 ba · sleeps 10 · 0.5 mi

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

    Revenue $91,893ADR $454Occ ≈ 55%4.9★ (73)

    AirbnbVrbo

  • 4 Miles to Old Mans Cave

    House · 4 bd · 2 ba · sleeps 16 · 0.5 mi

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

    Revenue $16,426ADR $431Occ ≈ 10%4★ (14)

    AirbnbVrbo

  • Hilltop Hideaway w/ 5 bdrms, Gameroom & Hot Tub

    House · 5 bd · 3 ba · sleeps 16 · 0.6 mi

    Revenue $0ADR $0Occ ≈ —4.9★ (43)

    Airbnb

  • Lakewood Cottage in Hocking Hills

    Cabin · 3 bd · 2 ba · sleeps 8 · 0.6 mi

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

    Revenue $27,038ADR $393Occ ≈ 19%4.5★ (34)

    AirbnbVrboBooking

  • The Old Canal House (and hottub!)

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

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

    Revenue $21,390ADR $65Occ ≈ 90%4.8★ (36)

    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
Term

Rate 8.15% = 7.40% Freddie Mac 30-yr avg (Oct 15) + 0.75% investor premium

Est. revenue

$60,422

NOI

$33,271

Cash flow /mo

$484

Cash needed

$141,900

Cash-on-cash

4.1%

ROE (yr 1)

14.5%

Cap rate

8.1%

DSCR

1.21

Year-1 write-off

$104,895

Year-1 tax shield @ 32%

$33,566

Year-1 return on equity

  • Cash flow (annual)$5,808
  • Principal paydown$2,493
  • Appreciation at%$12,300
ROE14.5%

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)$12,084
  • Platform fees (3% of revenue)$1,813
  • Maintenance / capex (5% of revenue)$3,021
  • Utilities & supplies$4,200
  • HOA$0
  • Property tax$2,712
  • Insurance (STR-rated)$3,321

Cash needed to close

  • Down payment (25%)$102,500
  • Closing costs (4.0%)$16,400
  • Furnishing (bought new)$23,000

Tax savings if the STR loophole applies

  • Tax shield @ 32%$33,566

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

$314,000

Short-life (5/15-yr)

$82,000 · 26%

Year-1 deduction

$105,000

Year-1 tax shield @ 32%

$34,000

Land 23% (county tax record, market value split) · building $232,000 over 39 years · new furniture $23,000

Based on: 2,412 sq ft, built 1964, 4 bd / 3 ba, unfurnished, listing features (deck, fence, fireplace, flooring types, appliance list).

Try the cost segregation calculator on any property →

IRS-guide safe-harbor floor: $66,000 in year 1 (14% short-life, $21,000 tax shield), the conservative amount following the IRS audit guide's residential classification table.

5-year property$59,800

  • Kitchen cabinetsdefault

    $11,100 new × 40% good × 1.61 allocation

    $7,200

  • Kitchen countertopsdefault

    $9,100 new × 40% good × 1.61 allocation

    $5,900

  • Decorative trimdefault

    $4,200 new × 40% good × 1.61 allocation

    $2,700

  • Mirrorsdefault

    $500 new × 40% good × 1.61 allocation

    $300

  • Shelvingdefault

    $1,500 new × 40% good × 1.61 allocation

    $1,000

  • Window coverings (24)default

    $6,000 new × 40% good × 1.61 allocation

    $3,900

  • Carpet, vinyl & laminate (33% of floors)listing

    $5,200 new × 40% good × 1.61 allocation

    $3,300

  • Kitchen & laundry equipment plumbingdefault

    $8,600 new × 40% good × 1.61 allocation

    $5,600

  • Kitchen, laundry & data equipment electricaldefault

    $5,200 new × 40% good × 1.61 allocation

    $3,400

  • Appliances (range, microwave, dishwasher, refrigerator)listing

    $5,700 new × 40% good × 1.61 allocation

    $3,700

  • Furniture bought newlisting

    $23,000 new × 100% good · bought separately

    $23,000
15-year land improvements$44,800

  • Paving: driveway & walks (paved)default

    $10,200 new × 50% good × 1.61 allocation

    $8,200

  • Landscaping (typical)default

    $9,800 new × 50% good × 1.61 allocation

    $7,900

  • Patiosdefault

    $2,400 new × 50% good × 1.61 allocation

    $1,900

  • Decks & porches (attached)listing

    $27,100 new × 50% good × 1.61 allocation

    $21,900

  • Fencinglisting

    $6,000 new × 50% good × 1.61 allocation

    $4,800
Building, 39-year$232,100

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

    $261,600 new × 40% good × 1.61 allocation

    $169,000

  • Building plumbing & fixturesdefault

    $27,200 new × 40% good × 1.61 allocation

    $17,500

  • Building electrical & lightingdefault

    $27,800 new × 40% good × 1.61 allocation

    $18,000

  • HVACdefault

    $27,200 new × 40% good × 1.61 allocation

    $17,600

  • Hardwood & tile floorsdefault

    $10,300 new × 40% good × 1.61 allocation

    $6,700

  • Fireplaces (2)listing

    $5,300 new × 40% good × 1.61 allocation

    $3,400

About the property

Depreciation schedule: typical cost seg study

Year5-yr15-yrBuildingTotal
1$59,800$44,800$200$104,900
2$0$0$6,000$6,000
3$0$0$6,000$6,000
4$0$0$6,000$6,000
5$0$0$6,000$6,000
6+$0$0$208,100$208,100
Total$59,800$44,800$232,100$336,800

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

Hocking County STR ordinance pending (annual permit, inspection, $1M liability insurance, driveway standards). Steep/gravel driveways are a cost risk.